Cushman & Wakefield has arranged the $18.5-million sale of the Townhomes of Oakley, a 160-unit multifamily property located on Needham Court in the Richmond submarket of Henrico, VA.

Jorge Rosa and TJ Liberto with Cushman & Wakefield represented the owner, Thalhimer Realty Partners, in the transaction. The property was acquired by Walde Management, LLC.

“This was a unique transaction in that the property is in the Low Income Housing Tax Credit program with nine years of remaining affordability,” said Rosa. “We saw significant interest from a diverse group of investors including traditional purchasers of affordable housing and market rate buyers.”

The Townhomes of Oakley is a 160-unit multifamily asset that is 99% leased.  The property consists of eight one-bedroom units, 112 two-bedroom units, 36 three-bedroom units and four four-bedroom units. The asset is currently undergoing significant renovations including the replacement of roofs, windows and other exterior improvements as well as kitchen and bath modernization.