Medalist Properties in Richmond buys Roanoke apartment complex for $13 million
- July 14, 2014
Medalist Properties, a Richmond-based real estate fund, purchased Westwind I and II, a 288-unit apartment complex in Roanoke, for $13 million.
The community, located on 13 acres, was built in two phases in 1981 and 1985.
Sam Worley and Ryan Fanelli of Commonwealth Commercial Partners LLC in Henrico County represented the seller, HHHunt.
Bill Elliott, co-president of Medalist, said in an interview that the property was consistent with the company’s investment strategy. It buys diverse product types, including class B apartments, in secondary and tertiary markets through the Southeast. “The icing on the cake is that the seller, HHHunt, has kept the property impeccably maintained,” Elliott said.
In addition, he added, Roanoke enjoys a steady economy and is seeing lots of renovation in the downtown area and around the Virginia Tech Carillion School of Medicine and Research Institute.