print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Commercial Real Estate News

Private Equity Firm Invests $20.6M for 159-Unit Millspring Commons

Aurelie Capital Acquires Multifamily Community in Richmond
January 12, 2018
Aurelie Capital, a real estate private equity firm focused on value-add and opportunistic investments, acquired the Millspring Commons in Richmond, VA from ELRH Investments LLC, based in Israel, and American Landmark for $20.6 million, or approximately $130,000 per unit.

Millspring Commons delivered to the Western Henrico County Multifamily submarket in 1973 at 9318 Tarheel Ter. The garden-style community features a mix of one-, two- and three-bedroom units, ranging from 700 to 1,230 square feet, in 22 two-story buildings. Situated on more than 16 acres and near U.S. Route 33, Millspring Commons places residents in close proximity to Richmond’s CBD.

“For our initial investment, Millspring Commons represented a rare opportunity to acquire an institutionally maintained asset in one of the most fundamentally sound multifamily markets in the United States,” said the buyer, Pavan Malhotra of Aurelie Capital. “Additionally, at 97 percent leased, Millspring Commons boasts a strong current income along with excellent upside potential, which we expect to realize through a planned $2 million capital improvement program.”

Millspring Commons was financed with a $16 million loan from Fannie Mae, and is the first acquisition in the firm's plans to invest up to $100 million in Mid-Atlantic and Southeastern multifamily assets over the next year.

Aurelie Capital plans to replace each unit’s kitchen appliances, cabinets, flooring and completely renovate the pool and clubhouse. Drucker & Falk, a VA-based property management firm, will assist in the construction management, repositioning and leasing.

Charles Wentworth, Peyton Cox, Jonathan Greenberg and Robert Dean of CBRE represented the seller, which acquired the property in June 2016 as part of a portfolio for more than $365.9 million, according to CoStar information.

Please see CoStar COMPS #4067914 for more information on this transaction.
GET IN TOUCH        Contact CoStar News Team:

 Find us on 

Welcome To CoStar's
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News