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Major apartment complex heads to auction

Michael Schwartz May 29, 2013 1

Ownership of a large Northside apartment complex is up for grabs this week.

The 216-unit Chamberlayne Gardens Apartments will be offered for sale at a foreclosure auction Thursday.

The 11-acre property is owned by CG Bellkor LLC. BizSense is unable to identify what company is behind the LLC.

CG Bellkor defaulted on a loan, according to a legal notice. The current noteholder and lender on the property is Fannie Mae, according to city records. The original loan amount was around $8 million.

Chamberlayne Gardens covers about 11 acres, and its units total about 140,000 square feet. The complex runs parallel with Chamberlayne Avenue and Old Brook Road between Westminster Avenue and Watkins Street.

CG Bellkor purchased the property in 2006, city records show.

According to its website, local real estate firm OHI performed $4.3 million worth of renovations on the complex, which it said had fallen into “deterioration and was crime ridden.”

A message left at OHI was not returned by press time. A message left at the Chamberlayne Gardens leasing office also wasn’t returned.

The lender hired John F. Faber Jr. of Wolcott Rivers Gates to handle the foreclosure. He declined to comment.

The auction is set for 10 a.m. Thursday on the steps of the Richmond courthouse.

Clarification: A previous version of this article stated that the LLC that owns Chamberlayne Gardens is affiliated with local real estate firm OHI.

OHI owner Jonathan Bell said his company has no affiliation with CG Bellkor and has no stake in the Chamberlayne Gardens property. State records list OHI as registered agent for the LLC and its principal address at a former OHI office, but Bell said that the state records are out of date and that his company only previously was the manager of the entity.

Bell said an insurance company is now behind CG Bellkor. He declined to name the insurance company.

He said OHI previously performed construction on the property. OHI’s management arm also managed the complex for a time, Bell said. OHI’s name still appears on the signage around the complex, but Bell said those signs are also outdated. The property is now managed by KRS Holdings. 

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One Comment »

  1. Corby Hicks May 30, 2013 at 8:30 pm - Reply

    Any news on whether the auction took place today? If so, know the result?

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