Qualified opportunity zone multifamily asset in Virginia sells for $28m

Marcus & Millichap has announced the sale of Vida East Apartments, a 178-unit apartment complex in the Shockoe Bottom neighborhood of Richmond, Va.

The property sold for $28 million.

Marcus & Millichap represented the seller, an out-of-state developer, and procured the buyer, a local developer.

“Vida East is a newly constructed multifamily asset in a Qualified Opportunity Zone that was sold subject to assumed Virginia Housing Development Authority (VHDA) taxable bond financing,” said Christopher Chadwick, first vice president investments in Marcus & Millichap’s Washington, D.C., office. “The high level of interest we generated during the 45-day marketing period underscores the appeal of Qualified Opportunity Zone investments.”