Central Virginia apartment towers sell for $23.5 million
Two apartment towers near a state university have sold.
Thalhimer Realty Partners announced on Wednesday it had bought for $23.5 million the Towers on Franklin Apartments at 104 and 311 W. Franklin St. The two apartment buildings include 332 units and are located on the campus of Virginia Commonwealth University.
“While the properties are in need of attention and capital, we look forward to the turnaround and bringing new life to them,” Matt Raggi, principal of Thalhimer Realty Partners, said in a press release. “We remain bullish on downtown and the VCU submarket over the long-term.”
Plans call for full interior unit renovations for the building at 311 W. Franklin St. The Towers on Franklin property has a clubhouse, two fitness centers, a lounge, pool and underground parking.
C&F Bank provided financing on the deal. Thalhimer’s Residential Property Services will manage the property.
Thalhimer Realty Partners is the investment and development subsidiary of Cushman & Wakefield | Thalhimer. The Towers on Franklin Apartments were purchased through the Thalhimer Multifamily Fund.