Five Richmond apartment buildings sell for $1.73 million
A group of apartment buildings adjacent to Virginia Union University in North Richmond have been sold for $1.73 million.
CBRE|Richmond said Cao Multiplex LLC bought the 24-unit, five-building complex located at 1808-1830 Thomas St. and 1816 Bath St.
Peyton Cox and Charles Wentworth of CBRE|Richmond represented the seller, Panther Way LLC.
“This off-market transaction is one of the many recent examples that showcase the momentum in the Lower Chamberlayne [Avenue] corridor and the new levels of investment that this submarket is attracting,” Cox said in a statement.
The real estate firm said the new owner plans to upgrade the properties to appeal to the changing tenant tastes in a rapidly transforming submarket.
Located adjacent to the Virginia Union, the buildings are less than three miles from downtown Richmond and I-95.
CBRE|Richmond will become Colliers International on Jan. 1.