Q2 2012 Richmond, Virginia Apartment Property Sales Analysis

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Q2 2012 Richmond, Virginia Apartment Property Sales Analysis


There were two apartment sales recorded in the second quarter, Reis reports. The two sales totaled $68.3 million with a mean price of $108,000 per unit. The mean cap rate was 5.1% and the 12 month rolling cap rate was 6.6%. The largest of the two sales was Dominion West End, at 3900 Acadia Lane, with 350 units, which sold for $40 million ($114,286 per unit). The property was reported 3.1% vacant at sale.