Colliers International Group Inc.

10/28/2019 | Press release | Distributed by Public on 10/28/2019 09:44

Colliers International Announces Sale of 2000 West Creek in Richmond for $103 Million

The Colliers International Mid-Atlantic Multifamily Advisory Group is pleased to announce the sale of 2000 West Creek at 2000 Broad Branch Circle in Richmond from Bristol Development Group, based in Franklin, Tenn., to Capital Square, based in Richmond.

2000 West Creek is an award-winning Class A apartment community completed in 2018. It has 373 one- and two-bedroom apartments with spacious floor plans located in West Creek, one of Richmond's most coveted developments. West Creek is home to several Fortune 500 companies and popular amenities including the Hardywood Park Craft Brewery.

Adjacent to the highly traveled Route 288 thoroughfare, 2000 West Creek residents benefit from its easy access to extensive retail and key employment centers. West Creek's expanding business park with over 10,000 employees and more than 2.1 million square feet of office space is quickly transforming the submarket and establishing a vibrant live, work and play community. The Short Pump shopping district with 5.1 million square feet of retail space sits only minutes from the property and features the area's highest-end shopping, dining, and entertainment establishments along with numerous new residential and office developments.

Amenities include a resort-style swimming pool and outdoor courtyard, state-of-the-art fitness center, and clubroom. The interior amenities create an ambiance of luxury and sophistication with nine-foot ceilings, quartz countertops, wood-grain plank flooring and all-tile bathrooms. The kitchens have top-of-the-line finishes and appliances, including rich cabinetry with an abundance of storage, a breakfast bar and contemporary light fixtures. Oversized balconies, luxurious garden-style tubs, walk-in closets and interior garages are found throughout the property.

'Our platform facilitated the most competitive process, delivering the highest watermark pricing in the history of Richmond,' said Will Mathews, managing director and platform leader of Colliers East Region Multifamily Advisory Group. 'This disposition is another validation proving our market-leading team combines cutting-edge innovation, analytic forecasting, superior market knowledge and the most collaborative team approach in the industry. Every decision we make has the ultimate focus on our client.'

'Capital Square has acquired Richmond's premier multifamily community and arguably one of the finest residential projects delivered in the Southeast,' said Charles Wentworth, senior vice president with Colliers International. 'The buyer was attracted to the property's superior amenity package, spacious, desirable floor plans, and outstanding location near several key employers such as Capital One and CarMax.'
'We are very excited to close yet another deal with the Colliers International team and bring to our investors an apartment community built to the highest quality with unmatched amenities and strong future growth potential,' said Whitson A. Huffman, senior vice president with Capital Square. 'The Colliers and Bristol teams facilitated a seamless transaction that allowed us to close on time and without issue.'
'We could not be more pleased with the results that the Colliers team produced on this transaction,' said David Hanchrow, chief investment officer of Bristol Development Group. '2000 West Creek is a unique and very special asset, and we put a lot of thought in both who we wanted to market it and who should buy it. Capital Square's execution of the acquisition was flawless, and we look forward to doing more business with them in the future.'

Mathews, Wentworth, G.S. (Hank) Hankins, senior vice president; Rawles Wilcox, senior vice president; Victoria Pickett, vice president; Clay Ellis, associate; and Garrison Gore, associate; of Colliers International represented the seller, Bristol Development Group in the transaction.

About Bristol Development Group
Bristol Development Group, LLC ('Bristol') is a leading private residential real estate company that specializes in developing urban and suburban multifamily communities. Bristol builds value for its residents, investors and partners by providing high‐quality, amenity‐rich living at attainable prices in growing Sunbelt cities. Based in Franklin, Tennessee, Bristol understands these dynamic and growing markets. To capitalize on new opportunities and satisfy the evolving demands of its diverse customer base, Bristol's talented team prides itself on diligent market research and fitting the right product to each unique market, rather than relying on a formula of 'one product fits all.'

About Capital Square
Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity zone funds. Capital Square has completed over $1.3 billion in transaction volume. Capital Square's executive team has decades of experience real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. In both 2017 and 2018, Capital Square was named by Inc. 5000 as one of the fastest growing companies. In the same years, the company was also ranked on Richmond BizSense's list of fastest growing companies. In 2019, Capital Square was listed by Virginia Business on their 'Best Places to Work in Virginia' and 'Fantastic 50' reports. To learn more, visit www.CapitalSquare1031.com.

About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, follow us on Twitter: @Colliers and LinkedIn.
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For more information, please contact: Cindy Mackey, 757-754-4553, [email protected]