Newly built Northside apartment complex sells to local buyer for $84M
Courtesy of Colliers)
In their second such deal in as many years, a local real estate firm has picked up a Tennessee-based builder’s latest apartment development in the Richmond market.
Bristol Development Group sold its 301-unit Canopy at Ginter Park apartments for $83.75 million to Capital Square, the Innsbrook-based firm that just over a year ago bought Bristol’s 2000 West Creek apartments in Goochland County.
The Canopy sale closed Dec. 30, with Colliers’ Mid-Atlantic Multifamily Advisory Group brokering the deal. The sale price amounts to $278,239 per door, and represents a nearly $29 million windfall for Bristol, which finished the complex last spring at a cost of $55 million.