Investors buy Imperial Plaza for $75M, plan to spend millions more on upgrades
Jonathan Spiers photos)
A multimillion-dollar updating of one of Richmond’s longest-running senior living communities is in the works following a $75 million purchase last week.
Imperial Plaza, a gated complex totaling hundreds of units in the city’s Northside, is being renamed and reimagined as a so-called “active adult” community after its sale Thursday to an out-of-town joint venture.
The new owners are Bluestone Group, a New York-based commercial real estate investment firm, and frequent collaborator Brentwood Investment Group, based in New Jersey.
The four multistory buildings at 1717 Bellevue Ave., beside Interstate 95 across from Bryan Park, are being rebranded as “Legacy at Imperial Village,” which Brentwood partner Barry Zolty described as an updated version of the 1960s-era facility that he said will cater to today’s 55-and-up demographic.