Bluestone, Brentwood Pay $75M for Virginia Senior Housing
The new owners will implement a multimillion dollar capital improvement plan on the 950-unit property in Richmond. Mar022021 Image via Google Maps
A joint venture of The Bluestone Group and Brentwood Investment Group has purchased Imperial Plaza, a 950-unit, four-building senior housing property in Richmond, Va., for $75 million. According to
Richmond BizSense, Dominion Partners was the seller, while Arbor Commercial Mortgage provided partial financing for the buyers.
Dominion picked up the asset that encompasses independent living, assisted living and memory care services, back in 2001, public records show. Located at 1717 Bellevue Ave. on 22 acres at the juncture of interstates 64, 95 and 195, the plot sits across the street from Bryan Park and 6 miles northwest of downtown Richmond.
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.