Chester, VA — Newmark announces the firm has completed the $60.5 million sale of The Station at Chester Village, a class A, 201-unit multifamily asset located at 4101 Runner Loop in Chester. Newmark Multifamily Capital Markets executive managing directors Charles Wentworth and Victoria Pickett and senior managing director Garrison Gore represented the seller in the transaction.
The Station boasts lavish, urban-inspired modern finishes. The property experienced strong rent increases through lease-up, with recent leases achieving rental rates 8% above average in place.
“The sale of The Station marks another successful class A transaction for our team in Virginia,” said Gore. “The transaction, at north of $300,000 per unit, demonstrates the continued strength and resiliency of the Richmond market in uncertain times. Through the interest received during the sale process, it is evident that Southern Virginia continues to become more of a focus for determined capital regionally and nationally.”
The Station was developed by Nick Wexler and Shane Burnette and designed by Poole and Poole Architects, offering units that feature chef-inspired kitchens with stainless steel appliances and granite countertops, spacious walk-in closets, luxury wood-style flooring, dual vanities, private balcony or patio options, full-size in-unit washer and dryer and elevator access.
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