Henrico apartment intricate sells for $15M customer designs $6M renovation

The Position A single Flats in Henrico are slated for a $6.3 million renovation immediately after advertising for $15.75 million. (Jonathan Spiers photograph)

A western Henrico apartment intricate for reduced-money renters is set to get a multimillion-dollar update just after its sale very last thirty day period to a West Coastline customer.

The 114-device Put A single Flats at 4222 Almora Ave. marketed May well 24 for $15.75 million. The purchaser is an entity tied to Preservation Associates Administration Group, a California-based mostly company that plans to devote more than $55,000 per unit on the complicated in an expense totaling almost $6.3 million.

The vendor was an entity called SP Location One LP, which acquired the 8-acre assets for $4.45 million in 2005. Henrico County most not too long ago assessed the house at $9.97 million.

PPMG’s buy and rehab are currently being financed with $18 million in bonds permitted by the Henrico Board of Supervisors in April. The bonds are becoming issued by the Suffolk Redevelopment and Housing Authority, which PPMG is applying to protected the funding since Henrico does not have a housing authority.

A similar circumstance played out with Hope Village Residences, a federally sponsored condominium sophisticated off Mountain Street in Glen Allen that done a $5 million upgrade in 2019.

That undertaking was the initially to be carried out to federally backed housing in Henrico with involvement from the county by way of a memorandum of comprehension, allowing for Henrico to have enter in the updates.

A equivalent MOU was accomplished with Area One, which is established to receive fireplace security enhancements, carbon monoxide detection gadgets, playground updates, landscaping, exterior lights improvements, kitchen and lavatory upgrades, and roof and fencing advancements.

Created in 1980, Position One is made up of numerous three-tale making clusters totaling 93,200 square toes. The residence is situated beside the Abbington West Finish and Fox Rest residences off Bremner Boulevard, among Staples Mill Road and West Wide Street.

Targeted on buying, rehabbing and preserving backed housing, PPMG has a portfolio totaling 85 attributes in 7 states, in accordance to its web-site. It has one particular other property in Virginia: the 292-unit Colonial Ridge Flats in Colonial Heights.

Makes an attempt to attain the organization for remark have been unsuccessful Monday.

The Position One particular job adds to other multifamily housing investments becoming created in that portion of the county. The residence is near Wistar Glen, a 15-acre job from Stanley Martin Residences which is adding 136 condos and 24 townhomes west of Broad Street. Close by on Wide, Stanley Martin also is creating its 200-apartment West Wide Landing growth.

Farther south, off Glenside Generate, the 297-device Carriage Hill Apartments offered in 2019 for $32.2 million. The customer was Brentwood Investment Group, one of the corporations driving the renovations underway at Imperial Plaza in Richmond.