Two apartment buildings sold for $7.45 million in South Side
Park at Forest Hill, Chateau de Ville may be renovated
Two apartment buildings in South Richmond have been sold for $7.45 million.
The 81-unit Park at Forest Hill at 3900 Forest Hill Ave. and the 38-unit Chateau de Ville at 600 Westover Hills Blvd. were acquired by TRP Forest Hill LLC and TRP Westover Hills LLC. The sale closed Nov. 30.
The legal entities buying the buildings are a joint venture between Thalhimer Realty Partners, the investment and development arm of Henrico County-based commercial real estate firm Cushman & Wakefield | Thalhimer, and the Nordheimer Cos., a Washington, D.C.-based real estate development firm.
“We hope to renovate a fair amount of them and reposition the property to attract a more stable tenant,” said Drew Wiltshire, managing principal at Thalhimer Realty Partners.
The new owners hope to breathe some new life into the two apartment buildings. “It needs new money to take care of some external and interior deficiencies,” he said.
The ownership group expects to spend “north of” $1 million on renovations including redoing kitchens, bathrooms and living areas, replacing windows and improving landscaping, Wiltshire said.
Chateau de Ville also will be renamed Westover Hills Townhomes.
“There has been a lot of development activity in that area, stretching down Forest Hill Avenue to Westover Hills Boulevard,” he said.
He mentioned this year’s opening of the Little Nickel restaurant at 4702 Forest Hill Ave. and plans for The Veil Brewing Co. to open a small batch production and tasting location as part of a planned retail and apartment development on Forest Hill Avenue near Westover Hills Boulevard.
Another reason for Thalhimer Realty Partners’ interest in the apartments is because it owns the Riverside Apartments at 2112 Riverside Drive near Cowardin Avenue. “We have an investment in that area now, and we have seen how the South Side of Richmond has expanded,” Wiltshire said.
The seller of the apartment was Cedar Grove Partners VI LLC of Woodmere, N.Y., which wanted to sell because they were looking to reposition their portfolio, according to commercial real estate firm Marcus & Millichap, which represented the seller.
Cedar Grove Partners bought the buildings in May 2017 for $6.25 million.
The Park at Forest Hill is assessed for $4.235 million, city property records show. The assessment for Chateau de Ville is $2.12 million.
The Park at Forest Hill has 68 one-bedroom, onebathroom units and 13 two-bedroom, one-bathroom units. Chateau de Ville has 17 one-bedroom, one-bathroom units; two two-bedroom, two-bathroom units; 17 one-bedroom, one-bathroom loft units; and two two-bedroom, one-bathroom loft units.
The 81-unit Park at Forest Hill apartment building is at 3900 Forest Hill Ave. in South Richmond.
The 38-unit Chateau de Ville building is at 600 Westover Hills Blvd.