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Colliers Announces Sale of Forest Ridge

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RICHMOND, VA, January 2023 – Colliers Virginia is pleased to announce the sale of Forest Ridge Apartments, located at 2665 Granite Hill Circle in Richmond, VA. Ritz Banc Group acquired the property from Colony Management for $19,300,000.

Forest Ridge Apartments consist of 135 spacious apartment homes, located in the Stratford Hills Neighborhood, one of Richmond’s most desirable submarkets. The majority of the units are townhome-style floorplans, appealing to a broad renter base. The property presents an ideal investment opportunity, specifically a value-add execution of investing capital to upgrade interiors and enhance green spaces.

The new owners plan to capitalize on both future renovations and the resiliency of the Richmond Market. This transaction marks Ritz Banc Group’s fifth transaction of 2022 and first transaction in Richmond since 2018.

Please reach out to Colliers’ G.S. “Hank” Hankins, Executive Vice President, for additional details regarding this transaction.


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George Hankins

Executive Vice President

Norfolk - Main

George Hankins (Hank) is a Senior Vice President of Investment Properties, specializing in the execution of multifamily property sales throughout the Hampton Roads metropolitan area. Hank is an integral part of the underwriting, marketing and sales process for multifamily properties and promotes Colliers' platform in the Southeastern region of Virginia. 

During his career, Hankins has been involved in more than $1 billion in multifamily sales throughout the Hampton Roads and Richmond markets. In addition to dispositions, Hankins has also held the role as principal partner for Croatan Investments, leading their acquisitions team as it closed $125 million in multifamily property transactions in Virginia and North Carolina in a two-year period.

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