Today Premier is proud to announce the purchase of Chamberlayne Gardens, a 216 unit apartment complex in Richmond, Virginia. The property is located just off of I-95 in North Richmond, and is also close to several other Premier owned and managed properties.
Premier acquired Chamberlayne Gardens from Fannie Mae, who had foreclosed on the property a year earlier. The acquisition loan was provided by BB&T, with Northmarq providing assistance in the financing process. Premier was represented in the transaction by Larry FitzGerald of Newmark Grubb Knight Frank, and the Seller was represented by Chris Rice of NAI Eagle. The property was just over 70% occupied at the time of the acquisition. Premier plans to re-brand the property and make substantial capital and operational improvements.