The Village at the Arbors, a 292-unit apartment complex in western Henrico County has been acquired by RailField Realty Partners for $17.1 million. The property is located at 5613 Crenshaw Road, less than 5 miles from downtown Richmond. The buyer plans to invest $2.3 million in upgrades to the property’s common areas and its units. Railfield bought the property from a New York based-institutional investor. “We obviously like the Richmond market, given our purchase of Courthouse Green back in August. There has been solid job growth and limited new construction, which has led to strong occupancy and market performance,” RailField’s Chief Investment Officer Jon Siegel said in a statement.
