Belvedere Apartments is a 296-unit, 17-building complex inNorthern Chesterfield County. River Forest, located in nearbyChester, is a 14-apartment building with 240 units. Both have aclubhouse/community center as well. Belvedere, which is 97%occupied, traded for $43.2 million; River Forest, currently 95%leased, sold for $31.8 million. The Belvedere has average marketrents of approximately $1,015 per month, while units in RiverForest are running approximately $970 per month, according toAEC.


The firm is expanding its multifamily portfolio in the state: ithas acquired three properties in Virginia over the last ten monthswith a total of 804 units. "These are terrific properties in highbarrier to entry markets and fit in well with our other MidAtlantic properties," John Shannon, SVP of operations, says in apress release.


Both of the apartment buildings are in mixed-use developmentsthat are nearing completion, Michael Bogese, Jr., president and CEOof the Bogese Cos., tells Belvedere Apartments issituated in a 30 plus-acre development bearing the same name as theapartment buildings. It also includes 30,000-sf of retail spaceadjacent to the multifamily community, a bank, office buildingsites and a new church that Bogese Cos. rebuilt for the localcommunity in the development. River Forest Apartments are locatedin a 100-acre development called River Forest. This projectconsists of 31,000-sf of retail and some office.

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