The Parachute Factory Apartments at 307 Stockton St. (Photo by Burl Rolett)
Imprisoned local developer Billy G. Jefferson has lost control over another big chunk of his Richmond real estate holdings.
Last month, an emergency receiver began managing about 30 properties controlled by Historic Property Management, Jefferson’s property management. The court-ordered transfer happened just three days after an investor in one of Jefferson’s main holding companies asked a court to dissolve the firm and liquidate its assets.
Jefferson-controlled entities River City Renaissance, LC and River City Renaissance III, LC own the properties, which are the third major piece of Jefferson’s real estate empire to go into the hands of a receiver this year. His Stockton Street apartment buildings the Parachute Factory and the Tobacco Factory also are now under receivership.
The River City Renaissance holdings were transferred to New York-based CompassRock Real Estate on March 25. The portfolio includes the 155-unit River City Court apartment complex in Carytown, as well as seven properties each on West Grace Street and Monument Avenue, 10 more on North Boulevard and another two on Robinson Street.
Billy G. Jefferson Jr. partnered with Justin French to rehab the Tobacco Factory at 700 Stockton St. (Photo by Michael Schwartz)
CompassRock took on management duties of the 30 properties just one day after U.S. Bank filed a complaint requesting the appointment of a temporary emergency receiver. U.S. Bank, a note holder on the properties, has since filed a pair of motions asking the court to extend CompassRock’s temporary receivership. An April 14 hearing on those two items is scheduled.
CompassRock has also been acting as receiver at the Jefferson-owned Parachute Factory since Feb. 24. The company has since moved into an onsite leasing office at the Parachute Factory, the building where Historic Property Management previously maintained its office.
A CompassRock representative said Monday that the Parachute Factory is 56 percent occupied. Jefferson’s Historic Property Management reported there were no vacancies at the Parachute Factory three days before CompassRock took receivership of the building.
While CompassRock is still in the process of surveying the River City portfolio’s 30 properties, all of which are located in the Fan and Carytown, total occupancy rates across that portfolio look to be in the 90 percent range, the same CompassRock representative reported.
The Tobacco Factory, the largest single property once under Historic Property Management’s control, is now managed by Cushman & Wakefield | Thalhimer. Thalhimer’s property management arm took over as a property receiver for that property in January.
Historic Property Management was previously known as River City Real Estate. A call to the company was not answered Monday afternoon. The company’s website has been taken down.
Jefferson is currently being held at Pamunkey Regional Jail after pleading guilty in federal court to one charge each of major fraud against the United States and engaging in unlawful monetary transaction. A sentencing date is scheduled for next month and prosecutors have recommended a 6.5-year prison term. He’s also agreed to pay about $13 million in restitution.
The Parachute Factory Apartments at 307 Stockton St. (Photo by Burl Rolett)
Imprisoned local developer Billy G. Jefferson has lost control over another big chunk of his Richmond real estate holdings.
Last month, an emergency receiver began managing about 30 properties controlled by Historic Property Management, Jefferson’s property management. The court-ordered transfer happened just three days after an investor in one of Jefferson’s main holding companies asked a court to dissolve the firm and liquidate its assets.
Jefferson-controlled entities River City Renaissance, LC and River City Renaissance III, LC own the properties, which are the third major piece of Jefferson’s real estate empire to go into the hands of a receiver this year. His Stockton Street apartment buildings the Parachute Factory and the Tobacco Factory also are now under receivership.
The River City Renaissance holdings were transferred to New York-based CompassRock Real Estate on March 25. The portfolio includes the 155-unit River City Court apartment complex in Carytown, as well as seven properties each on West Grace Street and Monument Avenue, 10 more on North Boulevard and another two on Robinson Street.
Billy G. Jefferson Jr. partnered with Justin French to rehab the Tobacco Factory at 700 Stockton St. (Photo by Michael Schwartz)
CompassRock took on management duties of the 30 properties just one day after U.S. Bank filed a complaint requesting the appointment of a temporary emergency receiver. U.S. Bank, a note holder on the properties, has since filed a pair of motions asking the court to extend CompassRock’s temporary receivership. An April 14 hearing on those two items is scheduled.
CompassRock has also been acting as receiver at the Jefferson-owned Parachute Factory since Feb. 24. The company has since moved into an onsite leasing office at the Parachute Factory, the building where Historic Property Management previously maintained its office.
A CompassRock representative said Monday that the Parachute Factory is 56 percent occupied. Jefferson’s Historic Property Management reported there were no vacancies at the Parachute Factory three days before CompassRock took receivership of the building.
While CompassRock is still in the process of surveying the River City portfolio’s 30 properties, all of which are located in the Fan and Carytown, total occupancy rates across that portfolio look to be in the 90 percent range, the same CompassRock representative reported.
The Tobacco Factory, the largest single property once under Historic Property Management’s control, is now managed by Cushman & Wakefield | Thalhimer. Thalhimer’s property management arm took over as a property receiver for that property in January.
Historic Property Management was previously known as River City Real Estate. A call to the company was not answered Monday afternoon. The company’s website has been taken down.
Jefferson is currently being held at Pamunkey Regional Jail after pleading guilty in federal court to one charge each of major fraud against the United States and engaging in unlawful monetary transaction. A sentencing date is scheduled for next month and prosecutors have recommended a 6.5-year prison term. He’s also agreed to pay about $13 million in restitution.