Marcus & Millichap Brokers $33.2M Sale of Multifamily Portfolio in Richmond

RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.