CBRE Arranges Sale and Financing of Perry Place Apartments for $11.4 Million
10 Nov 2020
Richmond, Va. – November 10, 2020 – CBRE announced the sale of Perry Place Apartments for $11.4 million. Perry Place is a 70-unit, 61,614-square-foot luxury apartment community located at 815 Perry Street in the dynamic Manchester submarket of Richmond.
The property was sold by Capital Square 1031, who originally purchased the property in 2015 to Washington, D.C.-based Fulton Street Partners.
CBRE represented the seller in this transaction. The CBRE team included Calvin Griffith, Peyton Cox, Jonathan Greenberg, Robert Dean, Yalda Ghamarian Howell and Thomas Leachman. CBRE’s Debt & Structured Finance team, led by David Webb and Maxi Leachman, helped arrange financing for the buyer.
“Capital Square was able to enhance the value of the property through unit renovations which, coupled with the strength of the Richmond market, allowed them to achieve a great result for their investors,” said CBRE Vice President Calvin Griffith. “Perry Place was a perfect match for Fulton Street, who was drawn to the building’s historic character and premier location. Fulton Street plans further upgrades to unit interiors and amenities.”
The sale officially closed November 3, 2020.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.