Saturday, November 26, 2022

This apartment complex in James City County sold for $26 million

Regency at Longhill apartments was purchased for $26.25 million dollars on March 3. (WYDaily/ Screenshot of Google Maps)
Regency at Longhill apartments was purchased for $26.25 million dollars on March 3. (WYDaily/ Screenshot of Google Maps)

The Regency at Longhill apartments have a new landlord.

Seminole Trail Management LLC. bought the apartment complex for $26.25 million. The deal closed March 3.

David Hudgins, senior director with Berkadia, represented the previous owners, Phillip Richardson Company. He said the company’s owner died about a year ago.

The apartment complex, 5302 Lane Place Drive, is made up of 224 one-, two- and three-bedroom units and community amenities include a swimming pool, playground, clubhouse and an outdoor area with grilling stations, according to the Berkadia news release.

“It’s a pretty nice property,” Tim Slagle, CFO of the management company based in Charlottesville. “It had some deferred maintenance––we think we can improve the property and make it a nicer place.”

The property was put under contract in early January, he said, and they are currently working on improvements such as roof replacements, landscaping and refurbishing the interior with new countertops and fixtures.

Slagle added he doesn’t plan on changing the name of the apartment complex.

“We’re in the process of setting up a website for all our current properties,” he said.

The Regency at Longhill’s current website is inactive and its Facebook page is marked as “permanently closed.”

Julia Marsigliano
Julia Marsiglianohttp://wydaily.com
Julia Marsigliano is a multimedia reporter for WYDaily. She covers everything on the Peninsula from local government and law enforcement agencies to family-run businesses and weather updates. Before WYDaily, she covered Hampton and Newport News for WYDaily’s sister publication, HNNDaily before both publications merged in December 2018. Julia was born in Tokyo, Japan and moved to Long Island, New York in 2001. A true New Yorker, she loves pizza, bagels and good Chinese food. Send comments, tips and other tidbits to julia@localvoicemedia.com. You can follow her on Twitter at @jmarsigliano

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