6-23-17

Real Estate Journal — Owners, Developers & Managers — June 23 - July 13, 2017 — 7B

www.marejournal.com

M id A tlantic

O wners , D evelopers & M anagers Richmond apartment community brings $6.25 million Chadwick of Marcus & Millchap broker 119 unit multifamily sale

I CHMOND , VA — Marcus & Mil- lichap , a commer- cial real estate investment services firm with offices throughout the United States and Canada, announced the sale of two multifamily prop- erties, The Park at Forest Hill and Chateau De Ville, totaling 119 units located in Richmond. The assets sold for $6.25 million in total, which equates to $52,521 per unit. “The Richmond multifam- ily market is a slow rising tide,” said Altay Uzun , an R ers insurance. Federal flood insurance generally has a 30 day waiting period from the time that flood insurance was purchased to the time that it goes into effect. This insurance also has a cap of $250,000 for the structure and $100,000 for the contents. Under the fed- eral program only the furnace and air conditioning units are covered in case of a flood. No other contents located within the basement damaged by flooding are covered. Home- owners and those owning com- mercial property can purchase supplemental insurance to cover the remaining values of the structure and contents through their insurance agent. Owners of all types of real estate, whether residential or commercial properties, may want to consider looking into purchasing an optional water back-up endorsement. Such a supplemental endorsement would cover damage caused by water damage resulting from a broken pipes or sump pump, backed up sewage or septic tank that flows into the property. The details of what is covered and not covered should be found within your insurance policy documents. Be sure to read them carefully and keep them in a safe place. If you have any questions about your current policy or want to purchase additional insurance, such as flood insur- ance or other supplemental policy, your insurance agent can help. Michael Jacobs, Service Pros. n continued from page 2B Why owners may need separate water damage . . .

associate in the firm’s Hamp- ton Road’s office. “Apartment cap rates are steadily com- pressing; rents are increas- ing and we are seeing new development and growth in the market.” Uzun and Christopher Chadwick procured the buyer, a local investor. Originally built in 1983, Chateau de Ville is a garden- style apartment complex that consists of 17 one-bed- room/one-bath units, 2 two- bedroom/two-bath units, 17 one-bedroom/one-bath loft

units and 2 two-bedroom/ one-bath loft units. The Park at Forest Hill, constructed between 1972 and 1980, consists of 68 one- bedroom/one-bathroom units and 13 two-bedroom/one- bathroom units. The 81-unit building was named after the historic 104-acre park across the street from the property. Bryn Merrey , senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices, was the broker of record on the transaction. n

The Park at Forest Hill

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