Millspring Commons, a 159-unit apartment community in Richmond, has been sold for $20.6 million to Aurelie Capital. The buyer financed the purchase with a $16 million Fannie Mae loan. Built in 1972, the property encompasses 18 one-bedroom, 120 two-bedroom and 21 three-bedroom townhomes, ranging in size from 700 to 1,250 square feet. All units have private entries and some feature private balconies and patios with an average rent rate of $1,078 per month. Aurelie Capital plans to finalize the renovation process that was started by the property’s previous owner, Robbins Electra.
“For our initial investment, Millspring Commons represented a rare opportunity to acquire an institutionally maintained asset in one of the most fundamentally sound multifamily markets in the U.S. Additionally, at 97 percent leased, Millspring Commons boasts a strong current income along with its excellent upside potential, which we expect to realize through a planned $2 million capital improvement program,” said Pavan Malhotra, founder and managing principal at Aurelie Capital, in a prepared statement.
