Algenon Cash, managing director of investment banking group Wharton Gladden & Company, announces the acquisition of Lakeview Residences, a premier 208-unit multifamily property in Richmond, Virginia. The acquisition, valued at $41.5 million, was leveraged through a strategic partnership with a national multifamily operator and management firm.

The acquisition was strategically financed through a combination of a $31.2 million bridge loan and $10.3 million raised in private equity. This robust financial structuring underscores Wharton Gladden’s commitment to leveraging diverse capital sources to achieve optimal investment outcomes.

Investors in this acquisition are projected to receive an annual preferred return of 12%, with an internal rate of return (IRR) exceeding 20% and a cash-on-cash return of 8%. These strong projected returns highlight the attractiveness of Lakeview Residences as an investment opportunity and reflect Wharton Gladden’s ability to identify and secure high-performing assets.

“We are thrilled to add Lakeview Residences to our portfolio,” said Cash. “This acquisition aligns with our strategy of investing in well-located, high-potential properties. Our focus will be on stabilizing leasing, adjusting rents to market rates, and enhancing overall property performance. We aim to optimize the asset and realize significant value for our investors through a strategic sale within the next five years.”

Lakeview Residences is ideally situated in Richmond, a vibrant and growing market known for its strong economic fundamentals and quality of life. The property offers modern amenities and spacious living arrangements that appeal to a wide demographic of residents. 

The operating partner and managment firm plans to implement a series of value-enhancing initiatives aimed at stabilizing the property’s leasing activities and aligning rental rates with the current market trends. These efforts are expected to bolster the property’s performance and position it for a successful exit strategy.

About Wharton Gladden & Company:

Wharton Gladden & Company is a uniquely designed boutique investment banking firm that specializes in providing strategic advisory services, underwriting, capital placement and private equity for a diversified client base that includes corporations, real estate developers, financial institutions, investors, municipalities and high net worth individuals.