Richmond investor buys Forest Hill condominium advanced for $2M

The 16-device Maple Hill Apartments making is just down the road from cafe Little Nickel. (Mike Platania image)

Alex Griffith did not strategy on incorporating a Forest Hill condominium elaborate to his portfolio this summer time but, with a commercial broker for a brother, offers can materialize promptly.

Previous thirty day period, Griffith acquired the 16-device Maple Hill Apartments at 4509 Forest Hill Ave. for $2.25 million.

It is the second seven-determine deal in as several months for Griffith, a Richmond indigenous who’d spent the previous ten years in California’s Bay Place performing in household progress. In May he invested $3.25 million on a collection of workplace and retail buildings in Shockoe Slip that have Sam Miller’s as a restaurant tenant.

Griffith’s brother Calvin is a broker at CBRE, who with colleague Peyton Cox discovered the Maple Hill offer and brought it to Alex.

Alex Griffith

“I did not intend to close this quickly at all. I was pondering possibly we’ll find anything to do at the starting of up coming yr. But when you uncover a superior one particular you have to be ready to go,” Alex reported.

“I remembered Forest Hill increasing up, but I commenced going to (Forest Hill Park) with my children a handful of months after I moved again in this article. There is just so significantly neat stuff close to here and I acquired enthusiastic about that region.”

The 18,000-square-foot condominium intricate was created in 1975 and is thanks for some slight renovations, Griffith explained.

“We’ll do some updating like shifting the name, landscaping and the signage. The units are perfectly-managed but really dated,” Griffith said, adding that he estimates he’ll spend about $300,000 in their renovation. Atlantic Union Financial institution is his lender.

The vendor was an unnamed loved ones who’d owned the properties since they have been created. Griffith mentioned the apartments are 100 percent leased. The .9-acre parcel was most lately assessed by the metropolis at $1 million.

With the Shockoe Slip and Forest Hill specials accomplished, Griffith stated he’s preparing to just take it uncomplicated for a whilst.

“I’m attempting to catch my breath, but Peyton and Calvin are normally sending me a little something,” he mentioned, laughing.