Richmond affordable housing complex sells for $4.8M
Property includes 80 units
An affordable housing apartment complex in Richmond has sold for $4.8 million, commercial real estate investment firm Greysteel announced Monday.
The McGuire Park Apartments were built in 1945 and redeveloped in the early 2000s through the Low Income Housing Tax Credit program. Richmond Area Housing purchased the 80-unit complex from NRS Realty. The average unit is 742 square feet.
Director Henry Mathies and Senior Investment Associate Fletcher Hultman of Greysteel’s East Coast Affordable Housing group represented the seller. The buyer will adhere to the property’s existing income and rent restrictions.
Through its 11 U.S. offices, Greysteel advises private and institutional real estate investors and developers.