THE BOGESE COMPANIES SELLS TWO VIRGINIA MULTIFAMILY COMMUNITIES

CHESTER AND RICHMOND, VA. — Richmond Heights, Ohio-based Associated Estates Realty Corp. has purchased two multifamily communities in Chester and Richmond, respectively, from The Bogese Companies, for $75 million. River Forest Luxury Apartment Homes is a 240-unit property located in Chester at 5701 Quiet Pine Circle. The Belvedere Apartments is a 296-unit property located in Richmond at 11900 Bellaverde Circle. Both properties feature a business center, 24-hour fitness facility, clubhouse and resort-style swimming pool. River Forest is a part of a 100-acre mixed-use project under development by The Bogese Companies, and The Belvedere is a part of a 30-acre project being developed by Bogese. Drew White of Cushman & Wakefield’s Washington, D.C. office represented the seller in the transaction.