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RICHMOND, VA - Four Mile Capital (FMC), a privately-held real estate investment firm based in Louisville, CO, has acquired the River’s Edge at Manchester Apartments, a 212-unit multifamily community in Richmond, VA. River’s Edge, built in 2018 and currently 94% occupied, sits on almost 2 acres of land in one of Richmond’s fastest growing submarkets. The distinctive luxury community consists of 131 one-bedroom units, 80 two-bedroom units, and one three-bedroom penthouse, each with its own private terrace. Greystar, has been awarded the property management contract.
The transaction closed on April 16, 2021, for $47,500,000, which equates to $224,000 per unit or $252 per square foot. As part of their acquisition, FMC raised over $15M in equity from their network of high-net worth investors and assumed the seller’s $34M Fannie Mae loan with 8 years remaining on the term. This is FMC’s second asset in the Richmond market.
Four Mile Capital Closes Their 13th Acquisition, Grows their Richmond Portfolio
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Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has acquired the River’s Edge at Manchester Apartments, a 212-unit multifamily community in Richmond, VA.
River s Edge at Manchester
The success of this transaction speaks to the strength of our relationships and track record of closing, two cornerstones of the business we are building. LOUISVILLE, Colo. (PRWEB) April 30, 2021
Four Mile Capital (“FMC”), a privately-held real estate investment firm based in Louisville, CO, has acquired the River’s Edge at Manchester Apartments (“River’s Edge”, “the “Property”), a 212-unit multifamily community in Richmond, VA. River’s Edge, built in 2018 and currently 94% occupied, sits on almost 2 acres of land in one of Richmond’s fastest growing submarkets. The distinctive