Broadmoor Apartments
Broadmoor Apartments is a 360 unit complex just outside Richmond, Virginia in Henrico County. This property has been running at 95% occupancy and has seen increases in revenue and valuation since the completion of a $1.5 million renovation program.
Asset Description
• Garden style community
• 19 buildings, 1985 construction, 360 apartments
• B+ level asset
• Tenant base consisting mainly of singles and families working in the vibrant West End commercial/retail corridor of
Henrico County
Geographic Selection Criteria
• Richmond metropolitan area-Henrico County
• Easy access to the region’s employment centers via multiple interstate highways
• Close proximity to Innsbruck Corporate Center, Short Pump Mall and downtown Richmond
• Large concentration of corporate headquarters, universities, high-end retail, well-located seaport and international
airport make this area a top regional employment hub
Transaction Highlights
• Purchased from Northwestern Mutual for $32.2 million
• Northwestern purchased property in 2007 and invested $2.8 million in renovations
• Sellers estimated basis $36 million
• Aldwin invested $1.5 million in capital improvements
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