RICHMOND, VA — Marcus & Millichap announced the sale of The Lofts on Franklin and Plant 1, a two-property, 201-unit multifamily portfolio in Richmond. The properties sold for $33.2 million. “Richmond has seen impressive average rental rate growth, especially in the upper-mid-range asset class, and approximately 95 percent year-over-year occupancy since 2012,” said Christopher Chadwick, first vice president investments in Marcus & Millichap’s Washington, D.C. office. “The Lofts on Franklin and Plant 1 attract millennials and young professionals who want to live in condo-grade apartments close to restaurants and night life in neighborhoods that reflect the city’s rich history.”