Capstone Closes $4,115,000 sale of Mixed-Use Asset in Downtown Richmond, VA

RICHMOND, VA—Capstone Apartment Partners is pleased to announce the $4,115,000 sale of 1322 W. Broad Street Apartments in downtown Richmond’s Carver neighborhood. Capstone’s Richmond-based Virginia team of Cole Carns, Ron Corrao, and Eric Liebich sold the property on behalf of the local seller, Urban Dwell.

Capstone also brought the buyer, James River Housing Partners, to the transaction. James River Housing Partners is a boutique commercial real estate investment company focused on value-add multi-family properties in Richmond, Washington D.C., and Macon, Georgia.

“James River Housing Partners acquired 1322 W. Broad Street Apartments to capitalize on Richmond’s hot rental market by adding to their existing downtown Richmond apartment portfolio,” said Carns, the lead broker on the sale.

Originally built in 1910, 1322 W. Broad Street Apartments is comprised of 19 one- and two-bedroom apartment homes and one ground floor commercial space. The asset was fully occupied at the time of closing.