Hultman and Mathies of Greysteel orchestrate sale of Fieldcrest in Richmond, Virginia
Richmond, VA — Greysteel, a national commercial real estate investment services firm, has arranged the sale of Fieldcrest, a 29-unit Affordable Housing Property in Richmond. Director Fletcher Hultman and senior managing director Henry Mathies of Greysteel’s National Affordable Housing team facilitated the sale on behalf of the seller. This transaction represents the inaugural acquisition 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 recently formed private equity company, Wincor Holdings, which plans to make substantial physical improvements/updates to the property while continuing to operate the property 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 transaction 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 challenging capital markets environment while satisfying the Seller’s non-negotiable goals of preserving the affordability in place at the property.”