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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.

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