Richmond Apartment Tower Trades for $48M
Berkadia has brokered the $47.5 million sale of River’s Edge at Manchester, a 212-unit, Class A multifamily high-rise tower in Richmond, VA.
Located at 505 Porter St., River’s Edge at Manchester overlooks the James River and downtown Richmond. It features one-, two- and three-bedroom open floor plans with stainless-steel appliances, in-unit washers and dryers and private terraces. Amenities include a sky lounge and deck overlooking the river, an outdoor area with grilling stations, hammocks and a fire pit, a fitness center and a saltwater swimming pool.
Drew White of Berkadia’s Washington, D.C. office and Carter Wood of Berkadia’s Richmond office represented the seller in the transaction, an investor group including CMB Development and Purcell Construction as well as Charlottesville-based Woodard Properties and Hampshire Investments. The buyer was Colorado-based Four Mile Capital.
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