RICHMOND, Va., Jan. 18, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced today the sale of The Lofts on Franklin and Plant 1, a two-property, 201-unit multifamily portfolio in Richmond, Virginia. The properties sold for $33.2 million.
“Richmond has seen impressive average rental rate growth, especially in the upper-mid-range asset class, and approximately 95 percent year-over-year occupancy since 2012,” said Christopher Chadwick, first vice president investments in Marcus & Millichap’s Washington, D.C. office. “The Lofts on Franklin and Plant 1 attract millennials and young professionals who want to live in condo-grade apartments close to restaurants and nightlife in neighborhoods that reflect the city’s rich history.”
Chadwick and Martin Mooradian, associate, represented the seller, a privately owned development company and procured the buyer, a privately owned investment and management entity based in Philadelphia. Bryn Merrey, senior vice president and division manager is Marcus & Millichap’s broker of record in Virginia.
Plant One is a 134-unit market-rate property located just south of Shockoe Slip along the James River on an entire city block in the Manchester District. All apartments have condo-quality finishes such as artisan-stained concrete and high-end amenities such as a community rooftop deck and free cable and internet.
The Lofts on Franklin is a 67-unit property located at 1806, 1812, 1816-1818 and 1815-1817 East Franklin Street in Richmond’s Shockoe Bottom neighborhood. The unit mix is 54 one-bedroom units and 13 two-bedroom apartments.
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.