Sixteen apartment complexes in western Henrico County built in the 1950s, ’60s and ’70s by prominent local developer E. Carlton Wilton Sr. have been sold for $98.1 million.
The Wilton Companies sold the complexes — most of them located primarily along the Patterson Avenue corridor and the Three Chopt Road corridor — to an affiliate of Landmark Property Services Inc., the companies announced Wednesday.
The portfolio consists of 971 apartment units of one-, two- and three-bedroom town homes and one-, two- and three-bedroom garden apartments.
The deal means that The Wilton Companies’ apartment portfolio in the Richmond area has been sold. The company still owns apartments in Charlottesville and in North Carolina.
“These apartment communities have been a significant part of The Wilton Companies’ diverse portfolio since they were initially constructed,” said Rich Johnson, the company’s chairman, president and CEO.
Wilton , who founded the company in 1945 and died last year, sold the company in 2002. The company’s portfolio now includes apartments, shopping centers, free-standing retail properties, light industrial warehouses and office buildings in Virginia and North Carolina.
“The decision to sell was strategic in nature,” Johnson said. “The market for multifamily properties is very strong at this time.”
The sale comes a couple of weeks after the 373-unit 2000 West Creek apartment community, built in 2018 in the West Creek business park in eastern Goochland County, sold for $103 million to a real estate investment company.
At $103 million for the 373-unit complex, the per-unit acquisition price for the property was around $276,000.
The per-unit acquisition price of the 16 complexes sold to Landmark was about $101,000 per unit, the companies said.
Henrico-based Landmark, founded in 2002, owns or manages more than 4,000 units in Virginia and North Carolina. It had been managing the 16 apartment complexes for The Wilton Companies since 2002.
“We are most pleased to have been able to strike a deal with our longtime management group to purchase the communities,” Johnson said. “This ensures that the properties will continue to receive a high level of skilled management and that the jobs of the longtime and exceptional staff are protected.”
M. Pinson Neal, Landmark’s president, said buying these apartments “is a wonderful acquisition.”
“These are great assets in Richmond’s strong West End apartment market,” he said.
Landmark will continue to upgrade units and fulfill capital needs such as roof replacements and mechanical systems, Neal said.