DC based real estate investment firm Willow Creek Partners bought a 189-unit apartment complex in the West End.
Willow Creek Partners bought the property from Baltimore-based Continental Realty Corporation, with the latter buying it for $23 million in 2011. The apartment complex was built in 1963 and includes one-, two- and three-bedroom designs. rooms and seven separate floors. plans.
“Our team executed an excellent value-added strategy at Ripley,” JM Schapiro, CEO of Continental Realty Corporation, said in a statement. “We have repositioned the asset as a high quality, yet affordable housing option in a growing sub-market. Our team has enhanced many physical elements of the property and enhanced the resident experience with modern property management tools and a customer-focused approach. 101 North Ripley is another great example of how the CRC team adds value for both resident and investor.
CRC renovated the property several years after purchasing it, and installed new sliding windows and patio doors, hallways and laundry rooms, and converted an outdoor swimming pool into a 45-space residential parking lot.
Willow Creek has 11 other apartment complexes spread across North Carolina, Colorado, Maryland and Virginia.