Two apart­ment build­ings sold for $7.45 mil­lion in South Side

Park at For­est Hill, Chateau de Ville may be ren­o­vated

Richmond Times-Dispatch - - BUSINESS - BY GRE­GORY J. GILLIGAN ggilli­[email protected]­dis­patch.com (804) 649-6379

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.

MAR­CUS & MIL­LICHAP

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.

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