Short Pump area apartments sold
An out-of-state buyer has scooped up some prime real estate in the Richmond area.
Georgia-based multifamily developer and investment firm Pollack Shores Real Estate Group said in a news release it and an entity called Heitman LLC had acquired the Flats at West Broad Village at 3930 Wild Goose Lane in the heart of the Short Pump shopping area.
Pollack Shores would not say what it paid for the 339-unit apartment community. The Flats at West Broad Village was most recently assessed at $76.6 million, according to Henrico County property records, which have yet to record the sale to the new owners.
The Flats sold in an $85.8 million deal in 2012 to an entity tied to the Florida-based mixed-use developer Unicorp National Developments Inc., the original developer of West Broad Village.
Pollack Shores' acquisition of The Flats at West Broad Village marks the company’s entry to the Mid-Atlantic market. The company said it plans to invest $4.5 million capital improvements at the property.
In addition to the apartments, the deal includes 8,300 square feet of ground floor retail that will be used for a new leasing office, fitness center and internet cafe.
“The property is well-positioned for future rent growth by way of metro Richmond’s fast-growing employment base and an abundance of shopping and dining options right outside our door,” Brendan Whalen, vice president of acquisitions at Pollack Shores, said in a press release. “We anticipate that this will be the first of many acquisitions in Richmond and the mid-Atlantic region.”
A subsidiary of Pollack Shores, called Matrix Residential, will manage The Flats at West Broad Village.