West Shore has expanded its geographic footprint, entering Virginia with the acquisition of a 742-unit multifamily community in Richmond. The purchase also bolsters the Boston-based real estate investment firm’s portfolio to over 16,000 owned and operated units across the Southeast and Southwest since its founding in 2016.
“The acquisition of The River Lofts at Tobacco Row highlights West Shore’s commitment to strategic growth in high-demand, rapidly expanding markets,” said president Lee Rosenthal. “This acquisition of this property and our entrance into the Virginia market has been an important strategic undertaking, which we believe West Shore is uniquely positioned to steward on behalf of our property residents and our investors.”
He added that the firm is excited to surpass 16,000 units, calling it a “testament to the success of our strategy that combines an entrepreneurial approach to real estate with institutional investment discipline in the multifamily sector.”
Richmond is an attractive market for West Shore, boasting affordability and a wealth of job and entertainment opportunities. The River Lofts at Tobacco Row spans five city blocks in the Shockoe Bottom neighborhood, which is known for its rich history, dining, shopping, and lifestyle amenities. The community also is close to the Virginia Capital Trail and major institutions such as Virginia Commonwealth University and the University of Richmond.
The River Lofts at Tobacco Row features a range of floor plans, from studios to three-bedroom lofts and townhomes. Units include modern kitchens and bathrooms as well as washers and dryers. Residents also have access to two resort-style pools, multiple fitness centers, indoor and outdoor common areas, and a dog park.
“The River Lofts at Tobacco Row offers an exceptional living experience in one of Richmond’s most vibrant and historic neighborhoods,” noted founder and chairman Steven P. Rosenthal. “Expanding into a new state and another attractive market with a growing population of young professionals and a booming cultural scene, coupled with surpassing the 16,000-unit milestone, underscores our investment thesis for the benefit of our residents and investors.”
Berkadia's DC Metro, Norfolk, and Richmond offices arranged the sale of The RIver Lofts at Tobacco Row, while the Philadelphia office led the financing efforts.
