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Multifamily milestone: Short Pump complex sells for $327K per door

October 21, 2021

October 21, 2021

Nearly a quarter of a billion dollars just flowed into the region with the purchase of three apartment complexes — the largest of which hit a record price tag for multifamily properties in Henrico County.

The Flats at West Broad Village in Short Pump sold last week for $111 million, per county records.

That deal came on the heels of the sale of the Copper Spring apartments in western Henrico for $85.7 million, and the Sterling Beaufont apartments in South Richmond for $44 million.

The buyer of the 339-unit Flats at West Broad Village was an entity tied to Capital Square, an Innsbrook-based firm that’s been on a big-dollar buying streak of late.

At over $327,000 per door, the purchase marks the highest overall price ever paid for an apartment property in Henrico, and the highest per-door price. The complex at 3930 Wild Goose Lane was most recently assessed by the county at $73.2 million.

It’s the second time the Flats have changed owners in two years. In 2019, Atlanta-based RangeWater Real Estate, then known as Pollack Shores Real Estate Group, bought the property for $75.5 million and pledged to pump in an additional $4.5 million in capital improvements to the apartments.

Whitson Huffman, Capital Square’s chief investment officer, said Wednesday the company was drawn to the deal in part because of the apartments’ location and access to nearby restaurants, grocery stores, and other retailers.

West Broad Village’s commercial side, anchored by retailers like Whole Foods and REI, was not included in the sale.

Huffman said Capital Square will be continuing the apartment renovations that RangeWater began.

“We also thought there was a clear path to enhance investment value through value-add renovations on unit interiors,” Huffman said. “We’ll also be making some select upgrades to some other amenities.”

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