Richmond, VA – Cushman & Wakefield announced today that the real estate services firm arranged the sale of Guardian Place, a 236-unit low-income multifamily portfolio located at 1620 North Hamilton Street in Richmond. The final sale price was $25,650,000.
Cushman & Wakefield’s Jorge Rosa and TJ Liberto represented the seller, United Methodists Family Services, in the transaction. The portfolio was acquired by Fairfield Residential.
“Guardian’s Place offered investors the rare opportunity to acquire two strategically located properties in one of Richmond’s fastest growing neighborhoods,” said Rosa. “The location coupled with the significant value-add potential made this a very exciting acquisition.”
The portfolio is comprised of 209,672 square feet across two buildings that are age-restricted assets encumbered with affordability covenants under the Low-Income Housing Tax Credit program. Guardian Place I features 121 units and Guardian Place II features 115 units. Amenities include ample parking, outdoor seating areas, library, exercise room, community garden and TV lounge.
The portfolio is located off West Broad Street near Interstate 195, only nine minutes from Richmond’s business district.
Photos of the asset can be downloaded here.