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NorthMarq Brokers $27M Sale of Multifamily Community in Richmond, VA
NorthMarq has arranged the $27.3 million sale of The Gallery Midtown, a 157-unit, three-story Class B+ multifamily property in Richmond.
Northmarq’s Richmond investment sales team of Wink Ewing, managing director; Mike Marshall, managing director; Matt Straughan, associate, and Jared Alcorn, analyst, represented the seller, Utah-based Peak Capital Partners. Richmond, VA-based Levco Management acquired the property.
The Gallery Midtown was built in 1938 and was extensively renovated in by the previous seller, Spy Rock Real Estate Group.
Levco’s acquisition of The Gallery Midtown comes off the recent closing on its value-add focused multifamily fund, Levco Multifamily Fund I, LP. Levco has plans for $300-400 million of multifamily acquisitions and renovations through its fund and co-investment vehicles over the next two years.
NorthMarq states the sale of The Gallery Midtown is part of a trend of transaction activity in Richmond, with developers slated to deliver a dozen new apartment projects totaling 1,500 units by year end.
- ◦Sale/Acquisition
- ◦Financing
