C&W Completes Sale of Creek’s Edge Apartments In Richmond, VA
16 Aug, 2007, McLean, VA
Cushman & Wakefield has completed the sale of the 202-unit Creek’s Edge Apartments.
The property, located at 9201 Creek’s Crossing Boulevard, is a newly constructed Class AA+ asset, with outstanding interior features and amenities. The property is across the street from the premier upscale mall in the Richmond area, Stony Point Fashion Park, which features nearly 700,000 square feet of retail and dining space anchored by Saks Fifth Avenue and Dillards. The finish level and quality has been extremely well accepted by the market and commands some of the highest rents in the metropolitan area.
The property was developed and sold by a joint venture between GrayCo, Inc. and Commonwealth Properties, LLC, both local to Richmond, to Creek’s Edge Apartments, LLC, an affiliate of NTS Development Company which is based in Louisville, KY and Creek’s Edge Investors, LLC, a Colorado limited liability company. The seller received a purchase price of $32.3 million for the property.
“Richmond is a very healthy economy with the second highest unemployment rating in the country and is growing by over 10,000 jobs. Despite increasing values, the yields are still very attractive to all types of multi-family investors,” said Drew White a senior director at Cushman & Wakefield.
For more information, contact Drew White of Cushman & Wakefield at (703) 286-3001.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s web site at www.cushmanwakefield.com.
Contact: Louise Ferreras