Weinstein buys West Creek apartment complex from Capital Square for $115M. There's a new high bar for real estate sales prices in Goochland County, thanks to a deal between two local firms. Weinstein Properties last week purchased the 373-unit 2000 West Creek apartments for $115 million, or $303,000 per-door, according to county records. The seller was Capital Square, which bought the complex for $103 million in 2019 from its developer, Tennessee-based Bristol Development Group. Weinstein's purchase marks the highest amount ever paid in a single real estate transaction in Goochland. Capital Square's purchase of the complex was the previous record holder. Weinstein didn't respond to a request for comment by press time. The company has about 20,000 units in its portfolio. Capital Square co-CEO Whit Huffman said that the company had underwritten a seven-year hold term on the loan it took out to acquire 2000 West Creek in 2019 and that the debt was maturing. "We were at the end of our hold period... At this point in the life cycle of the investment, we thought it was a tremendous opportunity to sell," Huffman said. It's the second nine-figure acquisition for Weinstein in West Creek recently. Last year it bought The Collective West Creek apartments for $102 million. That 335-unit complex was also developed by Bristol. "We think, with their ownership (at The Collective) down the street, they were a very logical party to take the (2000 West Creek) asset onto the next horizon," Huffman said. The 2000 West Creek deal closed June 16, county records show. The county most recently assessed the complex at $101.6 million. Colliers' Will Mathews and Tommy Leachman represented Capital Square in the deal. Huffman said 2000 West Creek was about 95% occupied, with tenants ranging from young professionals to empty nesters. The complex spans a half-dozen buildings and 22 acres at 2000 Broad Branch Circle on the north end of West Creek. 2000 West Creek is just north of the 200+-acre site where pharmaceutical giant Eli Lilly is planning a $5 billion manufacturing facility. That project, announced last year, is facing a debate regarding getting an adequate power supply to the site. Meanwhile in the city, Capital Square recently completed a sizable mid-rise building in Scott's Addition and is lining up its next one. The firm is planning to redevelop the former Dairy Bar complex on Roseneath Road into a mixed-use building with 300+ apartments, however Huffman said broader economic factors, including the war in Iran, are causing a delay in construction. "We're looking to get started, hopefully, toward the end of this year. We're keeping a very close eye on everything going on macro-economically," Huffman said. "The cost of oil is making everything more expensive. You really forget how many things oil is in, and so we're being very prudent to see what's going on globally to make sure that we're putting our best foot forward for when we start," he said. But we're feeling really great about the project."

Weinstein Properties last month purchased The Collective West Creek, a 335-unit complex at 1000 Collective Way, for $102.1 million, county property records show.