Northmarq brokers sale of Courthouse Green Townhomes in Chesterfield, VA
RICHMOND, Va. (Oct. 17, 2023) — Wink Ewing, managing director, and Matt Straughan of Northmarq’s Richmond Multifamily Investment Sales office completed the sale of Courthouse Green Townhomes, a 266-unit multifamily community located at 6417 Statue St. in Chesterfield. Northmarq represented the sellers. The buyer was Boston-based Jones Street Investment Partners, a private equity real estate firm focused on multifamily assets located throughout the Northeast and Mid-Atlantic regions of the U.S.
“Courthouse Green offered an ideal opportunity to step into a highly occupied asset with continued rent growth,” said Ewing. “Investors were attracted to the location near the Chesterfield County Government Complex, the townhouse-style layouts and institutionally maintained product. The seller did a fantastic job of updating units and pushing NOI since the purchase in 2020, and the buyer will benefit by continued upgrades.”
Built in 1972/1974, Courthouse Green Townhomes is conveniently situated 15 miles south of downtown Richmond and nearby Meadowville Technology Park, home of the new LEGO production facility. The property provides residents with immediate access to some of Richmond’s top employers and employment hubs such as CarMax, Dominion Energy and the Chesterfield County Government Complex directly across the street.
Courthouse Green Townhomes features 100 partially renovated units and includes a recently renovated clubhouse, expanded fitness center, landscaping improvements and full exterior door replacements. The 34-building property offers one-, two- and three-bedroom apartment homes ranging from 665 to 1,200 sq. ft. Residents enjoy solid wood cabinets, granite-inspired countertops, spacious closets, patio and in-unit washer and dryer. Community amenities include: Swimming pool, sundeck, fitness center, BBQ and picnic area, playground, pet park, storage space and 24/7 emergency maintenance.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.northmarq.com.
