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Aurelie Capital buys Richmond Virginia apartment community for $20.6 mln
Aurelie Capital, a new real estate private equity firm, has acquired Millspring Commons, a 159-unit apartment home community in Richmond, Virginia for $20.6 million. Newport News, Virginia-based property management firm Drucker & Falk will assist Aurelie ...
Aurelie Capital, a new real estate private equity firm, has acquired Millspring Commons, a 159-unit apartment home community in Richmond, Virginia for $20.6 millionNewport News, Virginia-based property management firm Drucker & Falk will assist Aurelie in the property's construction management, repositioning and leasing.
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Aurelie Capital, a new real estate private equity firm, has acquired Millspring Commons, a 159-unit apartment home community in Richmond, Virginia for $20.6 millionNewport News, Virginia-based property management firm Drucker & Falk will assist Aurelie in the property’s construction management, repositioning and leasing.
New York (January 11, 2018) –Aurelie Capital, a recently formed real estate private equity firm based in New York City, has made its first investment through its Aurelie Investment I, LLC Fund, with the $20.6 million acquisition of a 159-unit apartment home community in Richmond, VA.
Millspring Commons is located at 9318 Tarheel Terrace in Richmond’s West End submarketThe property features a mix of one-, two- and three-bedroom townhomes ranging in size from 700-1,250 square feet, all with private entrancesThe low-density 16-acre community also features a resort-style pool, clubhouse with fitness center, dog park, outdoor kitchen with grilling stations and children’s playground.
The seller has been an excellent steward of the property since acquiring it as part of a portfolio buy last yearYet many of the units have not been updated since the property was built in 1972This provides Aurelie with an opportunity to create value by building upon a renovation program started by the seller, according to Aurelie Capital Managing Partner Pavan Malhotra.
“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 United States,” said Malhotra“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.”
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