The Railroad Y Lofts made a quick change of hands and is now officially under new ownership. Photo by Burl Rolett.
Two investors from the Charlottesville area have officially taken control of a Shockoe Bottom property.
Susan and Dennis Ould completed their acquisition of the Railroad Y Lofts on Main Street near the 17th Street Farmers’ Market last week for $4.57 million. Their firm, B.R.J. Enterprises also scooped up a nearby parking lot for an additional $500,000 as part of the deal. They’ve had the property under contract since at least early May.
They acquired the building from an entity tied to Historic Housing, a real estate firm run by local developers David White and Louis Salomonsky.
Marcus & Millichap broker Chris Chadwick, who handled the deal on behalf of the seller, said it didn’t take long to find a buyer for Railroad Y.
“It was only on the market for one day,” he said. “[Susan] looked at it previously and when we finally took it out, she snatched it up pretty quickly.”
The deal for the 30-unit apartment building closed May 30. It’s B.R.J.’s second acquisition in the Richmond market this year. They made their first appearance in March when they bought the Lava Lofts in Church Hill for $8.27 million.
The 107-year-old Railroad Y Lofts sit on about a quarter of an acre at 1548 E. Main St. Its apartments include 21 one-bedroom apartments, eight studios and a single two-bedroom unit. The property also includes the Old City Bar event space fronting Main Street and Rosie Connolly’s Pub & Restaurant across from the farmers market.
White and Salomonsky’s LLC bought the property for $850,000 in 1999 and renovated it last year using state historic tax credits.
They did not take federal historic tax credits on the project, which carry a recapture penalty if the building is sold within five years of renovation. About $355,000 worth of building permits were issued on the property between 2012 and 2013.
The Railroad Y Lofts made a quick change of hands and is now officially under new ownership. Photo by Burl Rolett.
Two investors from the Charlottesville area have officially taken control of a Shockoe Bottom property.
Susan and Dennis Ould completed their acquisition of the Railroad Y Lofts on Main Street near the 17th Street Farmers’ Market last week for $4.57 million. Their firm, B.R.J. Enterprises also scooped up a nearby parking lot for an additional $500,000 as part of the deal. They’ve had the property under contract since at least early May.
They acquired the building from an entity tied to Historic Housing, a real estate firm run by local developers David White and Louis Salomonsky.
Marcus & Millichap broker Chris Chadwick, who handled the deal on behalf of the seller, said it didn’t take long to find a buyer for Railroad Y.
“It was only on the market for one day,” he said. “[Susan] looked at it previously and when we finally took it out, she snatched it up pretty quickly.”
The deal for the 30-unit apartment building closed May 30. It’s B.R.J.’s second acquisition in the Richmond market this year. They made their first appearance in March when they bought the Lava Lofts in Church Hill for $8.27 million.
The 107-year-old Railroad Y Lofts sit on about a quarter of an acre at 1548 E. Main St. Its apartments include 21 one-bedroom apartments, eight studios and a single two-bedroom unit. The property also includes the Old City Bar event space fronting Main Street and Rosie Connolly’s Pub & Restaurant across from the farmers market.
White and Salomonsky’s LLC bought the property for $850,000 in 1999 and renovated it last year using state historic tax credits.
They did not take federal historic tax credits on the project, which carry a recapture penalty if the building is sold within five years of renovation. About $355,000 worth of building permits were issued on the property between 2012 and 2013.