The Carriage House apartment complex in Carver is up for sale for more than $8 million. Photos by Katie Demeria.
Two downtown apartment buildings have hit the market with a combined $11 million price tag.
The Carriage House Apartments at 728 W. Marshall St. and the Morton Apartments at 214 E. Grace St. both went up for sale in mid-April. Brokers Chris Chadwick and Dawson Rinder of Marcus & Millichap are representing the sellers.
Carriage House is a 41-unit complex on 1.19 acres in Carver with an $8.25 million asking price. It was built in 2010, and Chadwick said the complex’s biggest selling point is its proximity to VCU. It was built specifically for student housing and has a 95 percent occupancy rate.
The Morton apartment complex on East Grace Street downtown is listed at $2.75 million.
The complex consists of town house apartments with four-bedroom units that span the entire block between North Belvidere and Gilmer streets. Rent ranges between about $2,200 and $2,600.
“It’s a more affordable option, and there’s definitely need for that type of housing,” Chadwick said.
According to city records, the complex is owned by an entity called Carriage House LLC and co-owned by D. Wayne Moore, a Newport News attorney, who purchased the property in 2000 for $875,000.
Less than a mile to the east, the 23-unit Morton Apartments is on the market for $2.75 million. The three-story building sits on Grace between Second and Third streets. Built in 1925, the building was fully renovated two years ago as a historic rehabilitation project, Chadwick said. It is fully occupied.
Units range from one-bedroom studios to three-bedroom apartments, with floor space starting at about 370 square feet and topping out at 990. The building also has two vacant commercial spaces – one with about 630 square feet and the other with 1,070 square feet. Rent for the apartments range from $750 to $1,250.
Local landlord Mike Glass purchased the Morton building in 2011 for $525,000.
“I think in both these cases, the owners are opportunistic,” Chadwick said. “They see the market, and it’s a good time to sell.”
The Carriage House apartment complex in Carver is up for sale for more than $8 million. Photos by Katie Demeria.
Two downtown apartment buildings have hit the market with a combined $11 million price tag.
The Carriage House Apartments at 728 W. Marshall St. and the Morton Apartments at 214 E. Grace St. both went up for sale in mid-April. Brokers Chris Chadwick and Dawson Rinder of Marcus & Millichap are representing the sellers.
Carriage House is a 41-unit complex on 1.19 acres in Carver with an $8.25 million asking price. It was built in 2010, and Chadwick said the complex’s biggest selling point is its proximity to VCU. It was built specifically for student housing and has a 95 percent occupancy rate.
The Morton apartment complex on East Grace Street downtown is listed at $2.75 million.
The complex consists of town house apartments with four-bedroom units that span the entire block between North Belvidere and Gilmer streets. Rent ranges between about $2,200 and $2,600.
“It’s a more affordable option, and there’s definitely need for that type of housing,” Chadwick said.
According to city records, the complex is owned by an entity called Carriage House LLC and co-owned by D. Wayne Moore, a Newport News attorney, who purchased the property in 2000 for $875,000.
Less than a mile to the east, the 23-unit Morton Apartments is on the market for $2.75 million. The three-story building sits on Grace between Second and Third streets. Built in 1925, the building was fully renovated two years ago as a historic rehabilitation project, Chadwick said. It is fully occupied.
Units range from one-bedroom studios to three-bedroom apartments, with floor space starting at about 370 square feet and topping out at 990. The building also has two vacant commercial spaces – one with about 630 square feet and the other with 1,070 square feet. Rent for the apartments range from $750 to $1,250.
Local landlord Mike Glass purchased the Morton building in 2011 for $525,000.
“I think in both these cases, the owners are opportunistic,” Chadwick said. “They see the market, and it’s a good time to sell.”