Home News New York firm back for seconds in Richmond with $77M apartment deal

New York firm back for seconds in Richmond with $77M apartment deal

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It seems that the rebranding of the apartments in Aden Park is underway.

With two deals totaling nearly $ 2.5 billion, a New York investment company entered the Richmond market with a splash this year.

Last month, New York-based AION Partners bought Aden Park and Glenway Green apartments on 435 German School Road for $ 77 million, city records show.

Located on 44 acres east of Midlogian Turnpike and Chippenum Parkway, the complex spans 538 units across 50 buildings. The selling price per door will be $ 143,000. The property was recently valued at $ 55 million.

AION launched its first local transaction in 2022. $ 154 million acquisition 1,184 units of 11 north in a white oak apartment. This was the highest price tag ever for a Henrico apartment complex.

AION is an 11-year-old company focused on investing in what is called worker housing throughout the Mid-Atlantic and the Midwest. In the spring, it announced the completion of $ 275 million in funding.

With 33 apartments in its portfolio in February and currently listing ownership of 53 properties, the company seems to be using that money quickly. So far this year, the company has spent $ 231 million on apartments in the Richmond area.

The complex spans 44 acres and dozens of buildings on the South Side. ((((BizSense file photo).

AION also has a habit of rebranding acquired apartments. Currently, Aden Park Apartment is sold as “James River Point” and 11N. Lavanum Avenue Complex is sold as “Pointe Attitude”.

The Denver-based Hivernan Realty Group was the seller of Aden Park’s transactions.Bought an apartment For $ 47 million in 2018..

Multiple attempts to reach AION for comments were not returned. Hivernan could not be asked for comment.

The two companies seem to have different local transactions.

Hivernan’s 278-unit Rollingwood apartment on 6300 Pewter Ave. in Chesterfield is currently listed as an investment on the AION website and is sold as “Chesterfield Flats.” As of Tuesday afternoon, county records still list Hivernan as the owner. Hivernan acquired a Rollingwood apartment for $ 24 million in 2017.

The latest deals show that New York-based companies continue to see the region’s housing market as a fertile land for investment.Beitel Group in Spring Buy Acclaim at Carriage Hill Apartment MercerStreetPartners Purchased for $ 138 Million Apartment building in Church Hill area For $ 11 million Financial giant blackstone I bought James from the North Side for $ 45 million.

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