RICHMOND, Va., Oct. 31, 2019 /PRNewswire-PRWeb/ -- DF Multifamily, a division of Drucker + Falk, one of the nation's most prominent multifamily management companies, shared that the company's highly effective lease up and first class management of the 2000 West Creek apartment community was a major factor behind its recent success. Last week, the 373-unit apartment community was purchased by Henrico County's Capital Square 1031 for $103 million from Tennessee-based, Bristol Development Group. To date, this nine-figure sale is the largest apartment transaction ever in Goochland County and the largest year-to-date in metro Richmond, earning close to $277,000 per door.
The year old, 22-acre development includes 176 one-bedroom apartments and 197 two-bedroom apartments. Rent for these units starts at $1,450/month and they are already at 90% occupancy. The new complex is located at 2000 Broad Branch Circle in the West Creek Business Park. Surrounded by several prime employment, entertainment, and retail areas, the community is within quick access to Short Pump Town Center in Henrico County. The A+ rated community features a heated saltwater pool, fitness center, dog park, pet spa, and media lounge and was recently awarded 'Community of the Year' in addition to two other RAMMY awards by the Virginia Apartment Management Association. Drucker + Falk began lease up efforts in late 2017 with construction wrapping up early summer 2018.
"Our interest and expertise in new development construction and lease up is not new, and extends throughout the mid-Atlantic and Southeast United States, and 2000 West Creek is a perfect example of this. According to Bristol Development Group, it was the most effective lease up they have ever experienced and set the stage for the largest multifamily transaction in Richmond's history," said Jim Ledbetter, president and CEO for Drucker + Falk.
Drucker + Falk's exceptional performance and critical role surrounding the 2000 West Creek community created a solid foundation for their growing relationship with Bristol Development Group, which now includes the lease up and management of the $55 million Canopy at Ginter Park project. This 300-unit new construction apartment complex is being built on part of the Westwood Tract at Brook Road and Westwood Avenue in partnership with the Union Presbyterian Seminary.
"We have been extremely pleased with our relationship with Drucker + Falk," said David Hanchrow, Chief Investment Officer of Bristol Development Group in Franklin, TN. "Drucker + Falk undertook the task of leasing and managing 2000 West Creek very thoughtfully and effectively, and, as a result of our combined efforts, we were able to create tremendous value for our investors by recognizing a record setting price for this community. They are already off to a great start at Canopy at Ginter Park, and we look forward to working with them on our other Virginia projects currently in the pipeline."
About Drucker + Falk
Founded in 1938, Drucker + Falk is a full service real estate and investment firm managing a diverse portfolio of more than 30,000 apartment homes and approximately 3,000,000 square feet of office, retail and industrial space in nine states. In addition to managing a broad range of properties, including class A+ to affordable apartment communities, mixed-use and all types of commercial properties, Drucker + Falk partners with clients on developing new properties, renovating and repositioning assets, converting historic properties to unique, upscale apartment homes and offers commercial leasing and sales services. For more information visit Drucker + Falk.
SOURCE Drucker + Falk
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