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RICHMOND, VA-Ownership of Carriage Hill Apartments, the 664-unit gated apartment community marketed toward the independent-living 55-years-and-older crowd, has changed hands in a $41.6-million deal. Rochester, NY-based Home Properties has sold the complex of garden style residences to local real estate company Bonaventure Property Management for what amounts to $62,600-per-unit.

Located off Interstate 64 in the city’s prestigious West End area on Glenside Drive, Carriage Hill was constructed over a five-year period beginning in 1964. The sprawling property of two-level structures includes such amenities as a fitness center, outdoor tennis courts, swimming and wading pools, and a 9-whole putting green. “It’s a premiere asset,” Bonaventure president Dwight Dunton tells GlobeSt.com. “Carriage Hill is a lifestyle. It’s insulated from the rest of the community and in terms of amenities, character and market presence, it’s over the top.”

For the seller, this disposition allowed the company to vacate one of its non-core markets. “Carriage Hill was the only property we owned in the Central Virginia area so it was rather inefficient for us to manage,” Home Properties Executive VP and Director Ed Petinella explains during the company’s second quarter earnings conference call earlier this month. “Since the property was unencumbered, all the proceeds were used to reduce our line of credit balance. The expected weighted average first year cap rate on its disposition was 8.4% before reserve for capital expenditures.” The new owners, noting the complex’s superior condition, have no major renovations planned. “It is a unique property,” Dunton says, “and it needs unique attention to maximize its assets.”

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