M id A tlantic Real Estate Journal — Owners, Developers & Managers — August 2023 — 9C
www.marej.com
O wners , D evelopers & M anagers
Wincor Holdings purchases 29-unit Affordable Housing Property Hultman and Mathies of Greysteel orchestrate sale of Fieldcrest in Richmond, Virginia
R ICHMOND, VA — Greysteel , a national commercial real es-
tate invest- ment servic- es firm, has arranged the sale of Field- crest, a 29- unit Afford- able Housing Property in Richmond. D i r e c t o r Fl e t cher Hu l tman and senior managing di- rector Henry Mathies of Greysteel’s Na t i o n a l Affordable Housing team
Fletcher Hultman
Fieldcrest
Henry Mathies
facilitated the sale on behalf of the seller. This transaction rep- resents the inaugural acquisi- tion for the buyer, which plans to continue to grow its presence in the Richmond region. Built in 2006, Fieldcrest is a 29-unit Affordable Housing Property located in Richmond. The property is adjacent to the Richmond Raceway. The stretch of Laburnum Ave., where the Raceway is, has seen substantial investment over the past several years, including a recently delivered Amazon Fulfillment Center less than five minutes from the property. The property is subject to a Low-Income Housing Tax Credit LURA that restricts income and rent levels to 50% of the Area Median Income (AMI). The buyer is a re- cently formed private equity company, Wincor Holdings , which plans to make substan- tial physical improvements/ updates to the property while continuing to operate the prop- erty as Affordable Housing for the long-term, which was particularly important to the seller, a joint venture between a local development group and April Housing , an affiliate of Blackstone . Hultman said, “This trans- action encountered substantial headwinds as we navigated sharp interest rate increases over the past few months, but we identified a buyer who performed in spite of the chal- lenging capital markets envi- ronment while satisfying the Seller’s non-negotiable goals of preserving the affordability in place at the property.” MAREJ
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