Alex Griffith had no plans to add an apartment complex in Forest Hill to his portfolio this summer, but, with a business broker as a sibling, deals can go through quickly.
Last month Griffith purchased the 16 Maple Hill Apartments at 4509 Forest Hill Ave. for $ 2.25 million.
It is the second seven-figure contract in as many months for Griffith, a Richmond native who had spent the previous decade in the Bay Area of ââCalifornia working in residential development. In May, he spent $ 3.25 million on a complex of office and retail buildings in Shockoe Slip that have Sam Miller’s as a tenant of the restaurant.
Griffith’s brother Calvin is a broker at CBRE, who, along with his colleague Peyton Cox, found the Maple Hill deal and brought it to Alex.
âI had no intention of closing that fast at all. I thought we might find something to do early next year. But when you find a good one, you have to be good to go, âAlex said.
âI remembered Forest Hill growing up, but I started going to (Forest Hill Park) with my kids a few months after I came back here. There is so much cool stuff here and I am excited about this area.
The 18,000 square foot apartment complex was built in 1975 and is in need of minor renovations, Griffith said.
âWe’re going to do some updates like changing the name, landscaping and signage. The units are well maintained but quite dated, âGriffith said, adding that he estimates he will invest around $ 300,000 into their renovation. Atlantic Union Bank is its lender.
The seller was an anonymous family who had owned the buildings since their construction. Griffith said the apartments are 100 percent leased. The 0.9 acre parcel was recently appraised by the city at $ 1 million.
After the Shockoe Slip and Forest Hill deals are done, Griffith said he plans to relax for a while.
âI’m trying to catch my breath, but Peyton and Calvin are always sending me something,â he said with a laugh.