Richmond multifamily community sells for $62 million

Published November 16, 2018 by Robert Powell, III

James River at Stony Point, a luxury multifamily community in Richmond, has been sold for $62 million.

NKF Multifamily Capital Markets Mid-Atlantic said the 280-unit property was acquired by Cleveland-based Heritage Income Properties LLC.

The property is managed by Zaremba Management Co., a multifamily development firm that owns and operates a portfolio of over 7,000 rental units nationwide.  

NKF Multifamily Capital Markets’ Drew White, Wink Ewing and Mike Marshall represented the sellers, Wood Partners and Eagle Realty Group.

James River at Stony Point, which was built last year, is located at 9101 Stony Point Parkway.