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.
