Fairfield Pays $26 Million for Affordable Richmond Asset Multifamily Real Estate News

Guardian Square. Image courtesy of Cushman & Wakefield

Fairfield Residential acquired Guardian Place, a 236-unit low-income multifamily property in Richmond, Va., for $25.7 million. Cushman and WakefieldJorge Rosa and TJ Liberto negotiated the transaction for the seller, United Methodist Family Services.

The fully affordable, age-restricted community is part of the LIHTC program. The asset comprises 209,672 square feet spread over two buildings, Guardian Place I and Guardian Place II, completed in 1994 and 2004, respectively. The community includes studio, one-, and two-bedroom units ranging from 460 to 746 square feet.

Common facilities include a library, fitness center, community garden, outdoor seating areas and four laundry facilities. Fairfield Residential will also manage the property, according to Yardi Matrix data.

Located at 1620 N. Hamilton St., the community is close to the conjunction of highways 64, 95, and 195, while downtown Richmond is 5 miles away. The area has many commercial spaces, restaurants, schools, and entertainment venues, including Diamond Stadium, Virginia Union University, Commonwealth University, and the Virginia Museum of Fine Arts. Bon Secours St. Mary’s Hospital is less than 4 km from the property.

Recently, Cushman & Wakefield negotiated the sale of another Virginia asset. The 82-unit mixed-use property in Roanoke changed hands for $14.6 million.

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