It’s beginning to look a lot like a seller’s market.
Developer Ron Stallings is offering for sale a portfolio of 10 properties, including nine Jackson Ward residential and mixed-use properties and an 18-unit Barton Avenue apartment building.
The total package is priced at about $3 million, and it’s at least the third listing in the past month in which a developer is seeking to sell an entire collection of Richmond properties.
Stallings’s broker says the residential real estate market is beginning to favor the seller.
“I think just the market’s heating up and you’re seeing it sort of switch over to a seller’s market,” said Jon Beckner of Joyner Commercial, who is handling the 10-property portfolio. “It’s just the beginning I think of some good transactions to be had.”
Stallings is president of Walker Row Partners, which is partnering with the Richmond Redevelopment & Housing Authority and Miller & Associates on the Jackson Commons development, a Jackson Ward project of 62 single-family townhouses and more than 20 multifamily units.
“I’m building new, bigger units,” Stallings said. “The smaller ones are not quite as profitable as the bigger ones.”
The portfolio Stallings hopes to unload, which has been on the market for about a month, includes:
• 2400 Barton Ave., a three-story, 18-unit apartment building, is listed at $1,025,000
• 701 Chamberlayne Parkway, a single family home, is listed at $190,000
• 17 E. Clay St., a single-family home, is listed at $200,000
• 19 E. Clay St., a single-family home, is listed at $210,000
• 21 E. Clay St., a mixed-use building with three commercial spaces and one apartment, is listed at $315,000
• 1101 W. Clay St., a triplex, is listed at $275,000
• 607 N. First St., a single-family home, is listed at $155,000
• 402 ½ N. Second St., a mixed-use office and apartment building, is listed at $189,000
• 101½ Jackson St., a duplex, is listed at $235,000
• 105 Jackson St., a single-family home, is listed at $210,000
The Barton Avenue apartment is 89 percent occupied with two vacancies. A Stallings property management office that will be vacated upon sale fills one commercial space at 21 E. Clay St., Beckner said. The rest of the portfolio’s units, both commercial and residential, are occupied. The 10 properties total 34 units and a combined 33,000 square feet.
Also on the market are Clachan Properties’ nine student apartment buildings, all in the VCU area. The 198-unit collection went up for sale last month with a price tag of $32.57 million.
Cleveland-based developer Forest City has much of its Tobacco Row holdings up for sale. That portfolio includes five renovated apartment buildings with more than 700 units. Its broker told BizSense last month that the buildings are expected to fetch about $120 million.