The Aspen Station Apartments in Richmond, VA. has been bought by a partnership between L5 Investments and BH Equities for $22.9 million. Built in 1980, the property is located on 17.1 acres at 1500 Forest Run Drive near E. Parham Road and Interstate 95. Built in 1980, the 232-unit apartment community features a swimming pool, clubhouse and with a mix of 98 one-bedroom units, 116 two-bedroom units and 18 three-bedroom units. BH Equities, a division of BH Cos., based out of Des Moines, Iowa, will manage the property through BH Management Services. The new ownership said it plans to invest more than $2.6 million for an extensive renovation and repositioning of the asset.
“BH has a long-lasting relationship with L5 Investments, and we’re very excited to expand that relationship in the Richmond, Va., market where we currently manage six properties and close to 2,000 units,” BH Equities Director of Acquisitions Mike Baker said in a statement.
