Find Real Estate Agents and Homes for Sale


Real Estate News --> Virginia News

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 ...


Archived Story

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. Continue reading on PE HUB said: 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. PRESS RELEASE 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.”

Trending Virginia News:


  • Nine Must-See Rooms in the Historic Mount Vernon Estate
  • In Northern Virginia housing market, inventory and affordability issues persist
  • Jacqueline Kennedy-designed Virginia estate is selling for discount price
  • PRP Completes Acquisition of Two Office Buildings Totaling 420,000 SF in Alexandria, Virginia
  • Candidates in WV governor's race target property taxes
  • Global Technical Systems To Create 1,110 New Jobs In Virginia Beach
  • Virginia Needs To Fix The Relationship With Her Localities
  • Left Digit in Sale Price Affects Home Buyers Most
  • Construction of $23 million assisted living facility breaks ground in Cary
  • Trump buys Kluge's former estate Va. for $6.5 million
  • First-In-Region "Ask Me!" Campaign Launched By Northern Virginia Association of Realtors(R)
  • Washingtonian Magazine Names Stephen Carpenter-Israel One of Washington's Best Real Estate Agents
  • CareTrust REIT Expands Virginia Seniors Housing Portfolio
  • Prefab Cartridge-Built Home Honored for Its Design Smarts
  • Linton Hall, Realtors®, a Premier Real Estate Company in Gainesville, VA, Launches a New Website Experience Initiative
  • Real Estate – March 29
  • DBT-DATA Markets Development Sites Amid Ashburn Building Boom
  • Virginia Cook Realtors | Fort Worth
  • In poor Black Belt region, both fears and prayers over Trump
  • Virginia Dare Arcade under new ownership