WASHINGTON, D.C., and RICHMOND, Va. — April 26, 2021 — Berkadia announced today the sale of River’s Edge at Manchester, a 212-unit luxury, Class A multifamily high-rise in Richmond, Virginia. Senior Managing Director Drew White of Berkadia’s Washington, D.C. office and Director Carter Wood of Berkadia’s Richmond, Virginia office completed the $47.5 million loan assumption sale on behalf of the seller, an investor group including Richmond-based CMB Development and Purcell Construction, as well as Charlottesville-based Woodard Properties and Hampshire Investments. The buyer is Colorado-based Four Mile Capital, and this property represents their first Class A acquisition in Richmond. The acquisition closed on April 16.
“With its best-in-class finishes, River’s Edge at Manchester has been specifically designed to offer residents the absolute highest caliber amenities in the marketplace, positioning it as the best core opportunity in Richmond metro,” said White. “Four Mile recognized this as well as the exploding growth in the hip Manchester market and diligently pursued the opportunity.”
Located at 505 Porter St., River’s Edge at Manchester overlooks the James River and downtown Richmond. It features one-, two- and three-bedroom open floor plans with stainless-steel appliances, in-unit washers and dryers and private terraces. Community amenities include a sky lounge and deck overlooking the river, an outdoor area with grilling stations, hammocks and a fire pit, a fitness center and a saltwater swimming pool. The property provides convenient access to Interstate 95 and the shops and restaurants along S 14th Street, as well as walkability to the Richmond central business district.