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30-year-old Short Pump apartment complex sells for $51M

Wellesley Terrace sits next to a 15-acre lake. (Photos courtesy New Media Systems)

HENRICO, Va. — In one of the priciest local apartment deals in recent memory, a nearly 30-year-old complex near Short Pump surpassed the $50 million mark with its sale last week to a Southside-based buyer.

The 340-unit Wellesley Terrace apartments, at Lauderdale Drive and Three Chopt Road just south of Short Pump Town Center, sold July 11 for $51.12 million, according to Henrico County property records.

The buyer was an entity tied to ICAFS Inc., which lists as its principal office the same address as General Services Corp. (GSC), a Chesterfield-based apartment agency that manages more than a dozen properties in metro Richmond.

The seller was Knickerbocker Properties Inc. XX, a New York-based pension fund advisor that purchased the nearly 25-acre property at 3807 Chase Wellesely Court in 1999 for $20.5 million. A county assessment in January valued the property at $34.07 million.

Colliers International listed the apartments for Knickerbocker, which was represented locally by Jason Hetherington and Bruce Milam and by Will Mathews and Payton Herschberger out of Colliers’ Atlanta office.

Mathews, who leads Colliers’ East Region Multifamily Advisory Group, declined to comment on the sale, citing a confidentiality agreement with Knickerbocker.

GSC did not have representation in the deal. A message left with GSC was not returned Monday.

The sale is the priciest apartment deal to hit the Richmond area in at least the past 18 months, according to data provided by commercial real estate brokerage CBRE Richmond. Research director Andrew Cook said the sale appears to be the highest anyone has paid for a Class B garden-style apartment complex in the area. Class B generally means the property is more than 10 years old.

Cook pointed out that the sale’s price per unit, at about $150,000, is closer to those of the area’s newly renovated mid- and high-rise apartments.

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