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Washington DC & Mid-Atlantic  + DC Metro  + Apartments  |  January 10, 2023
Ritz Banc Group has acquired Forest Ridge Apartments in Richmond, VA from Colony Management for $19.3 million.
Lisa McDuffie
By: Lisa McDuffie

Ritz Banc Group Cheesed about $19M Richmond Multifamily Acquisition

Ritz Banc Group has acquired Forest Ridge Apartments, a 135-unit community located in Richmond, VA, for $19.3 million.

Arlington, VA-based private equity and alternative asset management firm Ritz Banc Group purchased the asset from Colony Management. Colliers represented the seller in the transaction.

This transaction marks Ritz Banc Group’s fifth transaction of 2022 and first transaction in Richmond since 2018. The new owners plan to capitalize on both future renovations and the resiliency of the Richmond market.

Forest Ridge Apartments is located in the Stratford Hills neighborhood and consists primarily of the townhome-style floorplans. According to Colliers, the property presents an ideal investment opportunity, specifically a value-add execution of investing capital to upgrade interiors and enhance green spaces.

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Inside The Story

Colliers' George Hankins

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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