Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Colonial Court Townhomes, a 51,200-square-foot multifamily complex.
“This property brought in many interested parties, local and non-local, resulting in a number of competitive offers for this exclusive listing,” added Altay Uzun, first vice president investments.
The property, located at 900 E Westover Ave, Colonial Heights, Virginia 23834, consists of 64 units across thirteen two-story buildings constructed in 1945. The property’s ideal location provides tenants with easy access to retail centers, dining options, shopping, and entertainment. In addition, this location provides quick access to I-95 and Route 31, making the townhomes a short drive from downtown Richmond.
“The Uzun group helped give the seller options in how to navigate the closing through such a difficult rate environment,” says Theo Jolley, associate.
Colonial Heights provides access to the 6th best public school district in the area, as well as six college distinctions. The local environment hosts positive educational resources, affordable cost of living, and a business-friendly community that caters to families. In addition, downtown Richmond is home to seven Fortune 500 companies, bringing in $89 billion in revenue annually. The local area is also home to an Amazon warehouse hub, an additional draw for the workforce.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
