RICHMOND, VA. — The Davis Cos. (TDC) has acquired a portfolio of 29 apartment buildings spanning 441 units in Richmond’s Fan and Museum districts for $37.4 million. This purchase marks TDC’s first entry into the Richmond market. TDC owns and manages commercial and multifamily properties and has a long history of repositioning historic commercial office buildings and multifamily residences throughout the Eastern United States. TDC plans to invest significant capital in order to perform exterior and interior improvements to the residences. Work is scheduled to begin immediately and be fully complete by summer 2016. TDC is partnering with Richmond based Spy Rock Real Estate Group to develop and operate the residences. The residences are currently 70 percent occupied. TDC has appointed Bonaventure Property Management Services as the onsite property manager for the portfolio of properties.
The portfolio of 29 apartment buildings in Richmond’s Fan and Museum districts was roughly 70 percent occupied at the time of sale.
The Davis Cos. Acquires Multifamily Portfolio in Richmond for $37.4M
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