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