Premier Sells Richmond Apartments


In early 2014 Premier put 216 apartments under contract in Richmond, Virginia.  The property, then known as Chamberlayne Gardens, was purchased from FNMA through a servicer and financed by BB&T with assistance from Northmarq.   At the time of acquisition the project suffered from high vacancy and significant deferred maintenance.  Some of the improvements immediately undertaken included bringing wiring to code, installing laundry rooms, adding 43 video cameras for security, replacing over 1,000 windows, and establishing best practices in the management office.  The property was also renamed to Premier Gardens and a new marketing program was instituted.  Occupancy quickly began to climb, increasing over 15% in the first 16 months.   Then, in January of 2016 we received an unsolicited offer from a New York investor that we could not refuse!  Needless to say both Premier and our investors were very pleased to be able to sell this project at a substantial profit less than 2 years after first putting it under contract.