RICHMOND, Va. -- One of the larger apartment complexes in Carytown has changed hands.
The Parkwood apartments, which sit just south of the neighborhood’s commercial corridor at 3003 Parkwood Ave., sold earlier this month for $5.5 million. With 32 units, the deal amounts to $171,000 per door.
Once the offices for the Virginia Commission for the Blind and more recently an assisted living facility, the 84-year-old complex was converted into apartments in 2017 by locally based Crescent Preservation & Development Co., which was the seller in the deal.
The buyer was Lakeland Capital, a private investment firm that entered the Richmond market in 2022 when it bought a pair of buildings along Arthur Ashe Boulevard as well as an 18-unit building on West Grace Street near VCU. It added a 66-unit complex off Riverside Drive last year and has now spent $22.5 million on real estate in the city.
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