Jones Street Investment Partners has purchased Courthouse Green Townhomes, a 266-unit community in Chesterfield, Va., marking the company’s entry in Virginia. McCann Realty Partners sold the property completed in 1973 for $51 million, or approximately $191,000 per unit, according to Yardi Matrix data. The buyer also secured a $34.2 million, 10-year Fannie Mae loan originated by KeyBank, the same source shows. The property last traded in late 2020, for $33.8 million.
Courthouse Green comprises 34 townhomes with one-, two- and three-bedroom floorplans, ranging between 665 and 1,200 square feet. A total of 250 units have been renovated over the last three years and plans call for further upgrades at 40 percent of all apartments.
Common-area amenities include a clubhouse, swimming pool, firepit and entertainment area, as well as 440 parking spaces. Some of these facilities have also seen recent renovations.
Renovated rental asset in growing Richmond suburb
The 21-acre property located at 6417 Statute St. is in an area that has seen consistent growth in population and rent over the last decade, according to the buyer. Nearby employers include Capital One, Altria and LEGO, the latter developing a $1 billion, 1.7 million-square-foot production facility in Chesterfield County. Downtown Richmond is 15.4 miles north. In addition, a host of dining options are within a 2-mile radius, while Pocahontas State Park is roughly 3 miles west.
Last month, a joint venture of Cantor Fitzgerald, Silverstein Properties, Collins Capital Partners and Kaufman Jacobs broke ground on a mixed-use development in Chesterfield County that will include 298 units and 28,000 square feet of retail. That project is slated for completion in 2025.
