Fan apartment complex hits the market

The One Monument Avenue building overlooks Stuart Circle and the statue of Jeb Stuart.

The One Monument Avenue building overlooks Stuart Circle and the statue of Jeb Stuart. Photo by Katie Demeria.

Buyers in Richmond’s apartment market just got another historic option.

One Monument Avenue, a six-story mixed-use property that towers over Stuart Circle, was put up for sale in late June.

The building, which sits at 413 Stuart Circle, has 34 apartment units and 30,000 square feet of office space. Broker Chris Chadwick of Marcus & Millichap is handling the sale and said the current owner is seeking offers without a set listing price.

“It’s one of the best-located buildings in Richmond,” Chadwick said. “Our goal is to get the highest price possible for the seller, because something like this doesn’t come along very often, and we want to make sure we’re not limiting its value by putting a price on it.”

The property was constructed in 1913, city records show, and was originally a hospital. It is owned by One Monument Avenue LLC. The LLC purchased the property from Bon Secours in 2001 for $11 million and converted it to apartments.

Chadwick declined to name the seller behind the LLC, but said it is a local Bon Secours doctor. The property was most recently assessed by the city at $11.7 million.

The sale offer includes a four-story parking deck located across from the property with 250 parking spots. Laurel Hill Associates LLC owns the deck, according to city records.

One Monument Avenue is currently 100 percent occupied, Chadwick said, with medical office tenants filling out the commercial space. The apartments range in size from 1,800 square feet to 2,400 square feet and have between two and four bedrooms. CBRE | Richmond handles leasing for the building.

The residential units may not be apartments for long. The sellers are encouraging a condominium conversion project for the new owner, Chadwick said, adding they are willing to “get creative with the deal,” to work with a buyer on starting the condo conversion process ahead of the deal closing, if necessary.

Chadwick said converting the commercial space into condos is also an option, as the current tenants have leases that run only through 2016.

Making the move from apartments to condominiums is gaining popularity in the Richmond development scene. Louis Salomonsky is keeping the same option in-hand for his latest Canal Lofts project, and the sellers of the Lee School Lofts have also suggested a possible condo conversion.

The emergence of a condominium market in Richmond makes sense, considering the current rental climate, Chadwick said.

“Right now, the rental market is becoming expensive, and there isn’t a condo market here in Richmond,” he said. “Plus, the single-family homes in the Fan are getting to be price-prohibitive for young professionals.”

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