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New Ginter Park apartment community sells to local buyer for almost double assessed value

The Canopy at Ginter Park apartments, which sold for $83 million, was recently assessed by the City of Richmond at a value of $45 million.

Trevor Dickerson

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From Richmond BizSense:

In their second such deal in as many years, a local real estate firm has picked up a Tennessee-based builder’s latest apartment development in the Richmond market.

Bristol Development Group sold its 301-unit Canopy at Ginter Park apartments for $83.75 million to Capital Square, the Innsbrook-based firm that just over a year ago bought Bristol’s 2000 West Creek apartments in Goochland County.

The Canopy sale closed Dec. 30, with Colliers’ Mid-Atlantic Multifamily Advisory Group brokering the deal. The sale price amounts to $278,239 per door, and represents a nearly $29 million windfall for Bristol, which finished the complex last spring at a cost of $55 million.

The latest city assessment valued the 15-acre property, at Brook Road and Westwood Avenue in Richmond’s Northside, at $45.6 million.

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Trevor Dickerson is the Editor and Co-Founder of RVAHub.