A local real estate executive’s purchase of a riverside farm in Powhatan County topped the list of the highest priced residential sales in the Richmond market in April.
Pebble Hill Farm, a 200-acre tract on the south bank of the James River, just upriver from State Route 288, sold last month for just over $2.1 million, according to the Central Virginia Multiple Listing Service.
Located at 1720 Huguenot Trail, the property was listed at $2.25 million on Feb. 10 and went under contract nine days later, said listing agent Chris Paquette of Craig Via Realty & Relocation. The sale closed April 3.
County records list the buyer as Nelson G. Knight, chief investment officer of downtown real estate firm Apple Hospitality REIT. The company owns dozens of hotels around the country, including the Richmond Marriott downtown and plans to begin selling its shares on the New York Stock Exchange later this month.
Knight is the son of Apple REIT Cos. founder Glade Knight and the brother of CEO Justin Knight. He declined comment through his broker, Peggy Coulson of Joyner Fine Properties.
Pebble Hill Farm features a two-story, 2,400-square-foot brick house with a slate roof. Built in 1954, the home has seven rooms, with three bedrooms, two bathrooms and a 1,400-square-foot basement. Coulson said the building could be added onto or used as a guest house.
Both Coulson and Paquette described Pebble Hill Farm as unlike most riverside properties in the area, in that the bulk of the land – about 180 acres – is beyond the 100-year flood plain and therefore considered usable real estate.
“You just don’t have property like that on the James,” Paquette said. “Typically, it’s 20, 30 acres of land that’s unusable, other than doing crops.
“I’ve lived my whole life in Powhatan, and it’s one of the most unique properties I’ve ever seen in Powhatan,” he said.
Paquette’s listing noted the property’s potential for development, as a residential subdivision or other possible uses, but Coulson said the seller was glad to know Knight plans to keep it as a residence.
The property was purchased from Pebble Hill Farm LLC, which assumed ownership in 1997. Prior to that, the property was owned by E.N. Hardy Jr., according to county records. Paquette said the land had remained under family ownership since the early 1950s.
Paquette said the property also features about 40 acres of cleared crop fields and more than 70 acres of hardwood forest. It also includes 1,600 feet of frontage along the river, which Coulson said is deep enough to navigate a boat.
The second-highest sale in April was a Monument Avenue mansion that sold for $1.96 million, just below its listing price of $1.99 million. The 1914 house, at 2625 Monument Ave., features 11 rooms throughout three floors spanning just over 6,000 square feet, with six bedrooms, five full bathrooms and four fireplaces.
Rounding out the top five April home sales were:
• 308 Randolph Square Parkway, Goochland, $1.49 million
• 650 Walsing, Henrico, $1.36 million
• 584 Manakin Towne Place, Goochland, $1.33 million