Guardian Place. Image courtesy of Cushman & Wakefield

Fairfield Residential has acquired Guardian Place, a 236-unit low-income multifamily property in Richmond, Va., for $25.7 million. Cushman & Wakefield’s Jorge Rosa and TJ Liberto brokered the transaction for the seller, United Methodists Family Services.

The fully affordable, age-restricted community is part of the LIHTC program. The asset comprises 209,672 square feet across two buildings, Guardian Place I and Guardian Place II, completed in 1994 and 2004, respectively. The community encompasses studio, one- and two-bedroom units ranging between 460 and 746 square feet.

Common-area amenities include a library, a fitness center, a community garden, outdoor seating areas and four laundry facilities. Fairfield Residential will also manage the property, according to Yardi Matrix data.

Located at 1620 N. Hamilton St., the community is close to the conjunction of interstates 64, 95 and 195, while downtown Richmond is 5 miles away. The area has many retail spaces, dining options, schools and entertainment venues, including The Diamond Stadium, Virginia Union University, Commonwealth University and Virginia Museum of Fine Arts. Bon Secours St. Mary’s Hospital is less than 2.5 miles from the property.

Recently, Cushman & Wakefield brokered the sale of another Virginia asset. The 82-unit, mixed-use property in Roanoke changed hands for $14.6 million.

The post Fairfield Pays $26M for Richmond Affordable Asset appeared first on Multifamily Real Estate News.


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