RailField Realty Partners buys a 292-apartment complex in Henrico County for $17.1 million
RailField Realty Partners, a multi-family investment firm based in Bethesda, Md., has purchased the Village at the Arbors, a 292-unit apartment complex in western Henrico County for $17.1 million. The acquisition, late in the year, was the company's second n the Richmond market in 2017.
Railfield said it bought the property from a New York based-institutional investor. The property is located in an infill setting, less than 5 miles from downtown Richmond. It has access to both I-95 and I-64 and is close to shopping and other neighborhood amenities.
RailField plans to invest $2.3 million in upgrades to the property’s common areas and its units.
“We obviously like the Richmond market, given our purchase of Courthouse Green back in August. There has been solid job growth and limited new construction, which has led to strong occupancy and market performance,” RailField’s Chief Investment Officer Jon Siegel said in a statement.
Founded in 2013, RailField Realty said it owns about 2,000 units and is active in markets in Texas, Virginia, the Carolinas and Florida.