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by James Kirkpatrick, CCIM, MAI
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Deal Makers

Reid Bennett, CCIM, of Sperry Van Ness in Chicago, teamed with David E. Gilmore, CCIM, of Sperry Van Ness/Gilmore Auction in Kenner, La., and four partners to represent the bankruptcy estate of Billy Jefferson in the more than $37.3 million sale of the 440-unit River City Renaissance Apartments in Richmond, Va., to The Davis Cos. “We needed a robust team in order to win the business for one of the most historic and highly publicized apartment portfolios in the Richmond Fan District,” says Bennett. “Sperry Van Ness is known for its collaborative efforts, and adding the CCIM designation behind two of the members brought additional credibility to the machine.” The properties are situated among one of the largest intact 19th and early 20th century neighborhoods in the county and consist of 29 apartment buildings spanning two zip codes. “In order to underwrite 29 scattered site assets, CCIM fundamentals were used as a significant base to arrive at present values aligned with today’s frothy multifamily market,” adds Bennett.


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