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

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A rebrand seems to be to be in the functions for the Aden Park apartment advanced.

With two specials totaling practically a quarter of a billion pounds, a New York expense organization has entered the Richmond sector this calendar year with a splash and it may have one more offer in the operates.

Very last thirty day period New York-primarily based AION Associates ordered the Aden Park and Glenway Inexperienced apartments at 435 German College Highway for $77 million, town documents demonstrate.

Sitting down on 44 acres to the east of Midlothian Turnpike and Chippenham Parkway, the elaborate spans 538 models across 50 buildings. The for each-doorway sale selling price arrives out to $143,000. The assets was most just lately assessed at $55 million.

AION opened 2022 with its initially neighborhood offer: the $154 million acquisition of the 1,184-device 11 North at White Oak flats. It marked the maximum price tag tag at any time for a multifamily home in Henrico.

AION is an 11-yr-old corporation that focuses on investing in what it phone calls workforce housing in the course of the Mid-Atlantic and Midwest. In the spring it introduced the completion of a $275 million funds increase.

The enterprise appears to be to be putting that money to do the job speedily, as in February it counted 33 apartment homes in its portfolio and now lists ownership of 53 qualities. So significantly this yr the company has put in $231 million on Richmond-spot flats.

The intricate spans 44 acres and dozens of buildings in the Southside. (BizSense file picture)

AION also has a pattern of rebranding the flats it acquires. It is now internet marketing the Aden Park apartments as “James River Pointe” and the 11 N. Laburnum Ave. complex as “Pointe at River Town.”

Denver-based Hivernan Realty Team was the seller in the Aden Park offer. It purchased the flats for $47 million in 2018.

A number of makes an attempt to attain AION for comment went unreturned. Hivernan couldn’t be arrived at for comment.

It appears to be like like the two corporations could have yet another regional offer in the performs.

The Hivernan-owned, 278-unit Rollingwood residences at 6300 Pewter Ave. in Chesterfield are now mentioned as an expenditure on AION’s web page, where by they’re promoted as “Chesterfield Flats.” County data even now checklist Hivernan as the owner as of Tuesday afternoon. Hivernan picked up the Rollingwood flats for $24 million in 2017.

The hottest deal implies New York-based mostly companies continue to see the region’s multifamily industry as fertile floor for expenditure. In the spring Beitel Group bought the Acclaim at Carriage Hill residences for $138 million, Mercer Road Companions acquired a Church Hill-location condominium constructing for $11 million, and finance large Blackstone bought The James in Northside for $45 million.

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