L5 Investments, BH Equities Acquire Apartment Community in Richmond for $22.9M

RICHMOND, VA. — A partnership between L5 Investments and BH Equities has purchased Aspen Station Apartments, a 232-unit multifamily community located at 1500 Forest Run Drive near I-95 in Richmond, for $22.9 million. Built in 1980, the garden-style property features a swimming pool, clubhouse with a business center, lighted tennis and basketball courts, car wash and vacuum station and picnic areas with grill stations. Each unit features a full-size washer and dryer and a private balcony or patio. L5 Investments and BH Equities plan to invest $2.6 million in capital improvements such as remodeling amenities, upgrading unit interiors and landscaping. BH Management Services, BH Equities’ property management division, will manage Aspen Station. Laura Cathlina of Berkadia Commercial Mortgage arranged acquisition financing on behalf of the new ownership. Wink Ewing of ARA Newmark represented both the buyer and the undisclosed seller in the transaction.