Qualified Opportunity Zone Multifamily Asset in Virginia Sells for $28 Million
RICHMOND, Va., July 19, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Vida East Apartments, a 178-unit apartment complex in the Shockoe Bottom neighborhood of Richmond, Virginia. The property sold for $28 million, which equates to $157,303 per unit.
“Vida East is a newly constructed multifamily asset in a Qualified Opportunity Zone that was sold subject to assumed Virginia Housing Development Authority (VHDA) taxable bond financing,” said Christopher Chadwick, first vice president investments in Marcus & Millichap’s Washington, D.C. office. “The high level of interest we generated during the 45-day marketing period underscores the appeal of Qualified Opportunity Zone investments.” Chadwick and Martin Mooradian, associate, represented the seller, an out-of-state developer, and procured the buyer, a local developer. Bryn Merrey, senior vice president and division manager is Marcus & Millichap’s broker of record in Virginia.
Completed in August 2018, Vida East Apartments spans an entire block near the James River, Franklin Street and some of Richmond’s most vibrant restaurants and nightlife. Virginia Commonwealth University, J. Sargeant Reynolds Community College and the University of Richmond are nearby. Community amenities include a rooftop picnic area, a saltwater pool and a dog park.
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About Marcus & Millichap (NYSE: MMI)
With over 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 8,954 transactions in 2020 with a value of approximately $43 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.