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Local apartments dragged down under

David Larter January 3, 2013 0
The 297-unit Seven Gables Apartments in Eastern Henrico.

The 1,184-unit Seven Gables Apartments in Eastern Henrico. (Photo by David Larter)

Two suburban Richmond apartment complexes have become entangled in the collapse of an Australian real estate company.

The 278-unit Rollingwood Apartments in Chesterfield and the 297 1,184 -unit Seven Gables Apartments in Eastern Henrico are headed to foreclosure and will be auctioned Jan. 11 on the their respective counties’ courthouse steps.

Both complexes are tied to the defunct Babcock & Brown, a massive real estate and infrastructure investment group once valued at $10 billion that went belly up in 2009.

The two properties are part of a Babcock & Brown loan pool valued at about $200 million that included multiple properties and was ordered into liquidation. The two local complexes are held jointly by two entities: PP2 FX2 Limited Partnership and Everest PP2 FX2 Limited Partnership.

South Carolina-based real estate firm Greystar is managing the properties. The company declined to comment on the foreclosures.

Law firm Troutman Sanders is handling the foreclosure process locally. John McPhaul, a lawyer with the firm, also declined to comment.

Rollingwood Apartments sits on 23 acres at 6300 Pewter Ave., near Walmsley Boulevard and Chippenham Parkway. It was built in 1973 and was most recently assessed at about $9.5 million.

The 85-acre Seven Gables Apartments at 11 N. Laburnum Ave., near the intersection with Nine Mile Road, was built in 1974 and was most recently assessed at $35 million.

Local suburban apartments have been part of some big money deals in recent months. Iowa-based BH Equities has snapped up four suburban apartment complexes since 2011, adding up to a $116 million shopping spree.

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