Riverview Apartments sells for $5.6 Million
An affordable housing complex in Colonial Heights has been bought for $5.6 million.
RV Limited Partnership sold the 82,028-square-foot property at 205 Archer Ave. to TRC Riverview LLC, according to CBRE Group Inc.
The complex offers a mix of two and three-bedroom units. The property’s 88 units are restricted to residents making 60 percent or less of the area’s median income.
“Riverview Apartments has been a benefactor from the resurgence of manufacturing and distribution companies along the Colonial Heights Tri Cities Corridor,” Peyton Cox, vice president at CBRE|Richmond, said in a statement. “It presents the new ownership with future upside as the submarket continues to improve.”
The seller was represented by CBRE|Richmond’s Charles Wentworth and Peyton Cox and CBRE Affordable Housing’s Alex Medeiros and Jeff Kunitz.