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A 24-unit, five building apartment complex on Thomas Street near Virginia Union University in North Richmond has changed hands.

Panther Way LLC sold the multifamily property at 1808-1830 Thomas St. and 1816 Bath St. to Cao Multiplex LLC for $1.731 million. CBRE|Richmond’s Peyton Cox and Charles Wentworth represented the seller.

“This off-market transaction is one of the many recent examples that showcase the momentum in the Lower Chamberlayne corridor and the new levels of investment that this submarket is attracting,” said CBRE|Richmond vice president Peyton Cox.

The buyer, a smaller, local private investor, owns another property in the area, Cox said.

North Side is attracting developer and investor interest, he said.

“The seller was pleasantly surprised at the amount of interest he received,” Cox said.

Apartment developments being planned would bring hundreds of additional units to North Side. They include:

Loughridge & Co. plans to build the $32 million, 224-unit Brook Road Apartments at 2009 Brook Road adjacent to The Spectrum apartments and the Richmond Main Post Office. The proposal requires a special-use permit and is in the approval pipeline.