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Less than a year after opening, Stony Point apartments sell for $62 million

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James River at Stony Point has sold for $62 million. (Jonathan Spiers)

RICHMOND, Va. — Less than a year since it opened, one of the area’s newest apartment developments has been sold to a new-to-town buyer in one of the biggest local multifamily deals in recent memory.

The 280-unit James River at Stony Point, constructed last year beside Stony Point Fashion Park, sold Nov. 1 for $62 million. That amounts to about $221,000 per door.

The buyer is Heritage Income Properties, an Ohio-based firm managed by Zaremba Management Co., whose multifamily rental properties in Ohio, New York, Pennsylvania and Alabama total upwards of 7,000 units.

The purchase is the group’s first in the Richmond market, and the apartments are its sole property in Virginia, according to Zaremba’s website.

The sellers were Wood Partners and Eagle Realty Group, which were represented by Newmark Knight Frank, formed last month through the combination of ARA Newmark and Berkeley Point Capital. Brokers Drew White, Wink Ewing and Mike Marshall of NKF Multifamily Capital Markets had the listing.

An aerial shot of Stony Point Apartments. (Courtesy of Newmark Knight Frank)

Ewing, whose recent deals with White and Marshall have included the 457-unit Rivermont Crossing, declined to comment on the transaction beyond a prepared release.

The release quotes White as saying that Heritage was drawn to James River at Stony Point’s “record-breaking lease-up pace,” described in marketing materials as averaging over 30 leases per month in its first nine months since opening to residents late last year. The apartments, averaging 1,060 square feet and renting from $1,100 to $1,700 per month, were 98.5 percent leased when the property was listed for sale this summer.

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