Virginia Beach-based Armada Hoffler Properties Inc. announced last week it has completed the $25 million acquisition of the Edison Apartments in Richmond.
The 174-unit, 12-story property was originally built in 1919 as the headquarters for the Virginia Electric and Power Co. (now Dominion Energy Inc.) and was renovated and repurposed in 2014 as apartments.
The acquisition included the assumption of debt and issuance of operating partnership units. The total value of the property is assessed at $26.88 million, according to Richmond property records.
Armada Hoffler’s purchase also included a 365-space parking garage with 24/7 paid public access and dedicated parking for Edison residents. The apartment complex is currently 97% leased, according to Armada Hoffler.
