January 8, 2020
Two western Henrico County apartment communities were sold for a total of $143.75 million last month.
McCann Realty Partners, a Henrico-based real estate investment company, and New York-based Angelo, Gordon & Co. L.P. formed joint ventures to acquire the 350-unit Trails at Short Pump and the 503-unit Villages at West Laurel.
“Both of these properties fit our value-add strategy with near-term opportunities to significantly improve the properties to enhance the lifestyles and living experiences of the residents and surrounding areas,” said Matt Akin, president of McCann Realty.
The Trails at Short Pump was sold on Dec. 2 for $63.15 million to AG-MR Short Pump Owner LLC, the name of the joint venture for that transaction, county property records show. The complex was assessed for $44.205 million in 2019.
The complex is on 32 acres at 3900 Acadia Lane off Three Chopt Road near the West Broad Village development.
Built in 1989, the Trails at Short Pump has three-story buildings for garden-style apartments and offers amenities including a swimming pool, dog park, walking trails, game room and tennis courts.
The Villages at West Laurel community was sold Dec. 4 for $80.6 million to the joint venture named AG-MR West Laurel Owner LLC, country records show. The property was assessed last year for $59.836 million.
That 42-acre property, at 5541 Olde West Court, is off Hungary Spring Road between Parham and Staples Mill.
The Villages at West Laurel, built in three phases between 1978 and 1984, offers garden and townhome apartments with a variety of floor plans. Its amenities include two swimming pools, dog park, sports court and a 24-hour fitness center.
Both properties will be managed by Atlanta-based Pegasus Residential.
Plans call for upgrading the unit interiors and amenities at both properties. Akin decline to say how much the upgrades will cost.
“Over time, we will upgrade the interiors…and make them nicer than they are,” Akin said.
The interior upgrades will include new appliances, cabinets and flooring. The clubhouses, fitness centers and pool areas at both complexes also will be renovated.
The sale of these two apartment communities comes as a number of apartment complexes in the Richmond region have sold in recent months.
In early November, 16 apartment complexes in western Henrico built in the 1950s, ’60s and ’70s by prominent local developer E. Carlton Wilton Sr. sold for $98.1 million. The Wilton Companies sold the complexes — a portfolio of 971 apartment units – to an affiliate of Landmark Property Services Inc.
A couple of weeks before that sale, Henrico-based investment firm Capital Square 1031 bought the 373-unit 2000 West Creek apartment community, built in 2018 in the West Creek business park in eastern Goochland County, for $103 million.