New York-based real estate investment and advisory platform Mercer Street Partners has completed the purchase of the South Bank apartments in Richmond for $23 million.
Mercer Street Partners bought South Bank apartments, a 150-unit complex at 307 Stockton St., from Spy Rock Real Estate and Boston-based Davis Cos.
Mercer Street intends to enhance the complex’s existing amenities, which include a fitness center, clubhouse, dog wash station and a rooftop deck.
The company also plans to implement a green program aimed at reducing residents’ electric and water bills by over 30 percent. More so it has mandated Dodson Property Management to handle leasing and site management.