The Market Villas apartment complex was recently put up for sale. Photo courtesy of Cushman & Wakefield | Thalhimer.
Continuing the local apartment market’s streak of recent sales and listings, a piece of Shockoe Bottom and a massive Southside complex are both up for grabs.
The Market Villas, a 31-unit apartment building at 15 N. 18th St., was listed earlier this month with a $4.07 million asking price.
Constructed in 1910, the building was redeveloped into apartments in 2003 through a historic tax credit project by its current owners, who then renovated the property again in 2011.
Cushman & Wakefield | Thalhimer brokers Catherine Spangler and Jeff Cooke are handling the listing. They identified the current owner as an entity called 13 South 15th Street LLC but declined to specify the individuals behind the LLC.
Cooke said the owners are selling the property because they are working on larger projects and want to unload some of their smaller properties. But he said the size of the building may be appealing to some buyers.
“There are a lot of people looking for investments that are smaller in scale,” Cooke said. “Not everybody wants to, or can, buy 200 apartments, but there’s a lot of demand for 10 to 50 units.”
Market Villas is currently 94 percent leased. The apartments are split between one-, two- and three-bedroom units with an average size of 817 square feet and an average rental rate of $1,070 a month.
On Richmond’s Southside, the 200-unit Newport Manor complex at 6701 Carnation St. was recently listed with a $16.5 million asking price.
Brokers Wink Ewing, Mike Marshall and Drew White of ARA Mid-Atlantic are marketing the property.
The 25-building, 200-unit Newport Manor complex is nearly fully occupied. Photo courtesy of ARA Mid-Atlantic.
Built in 1988 and consisting of 25 buildings, the complex is currently 99.5 percent occupied. The 200 apartments are split between two- and three-bedrooms, with an average of 1,001 square feet and an average rent of $907.
Ewing said the property’s interior was recently renovated, but some exterior upgrades to the 20-acre complex could take it to the next level.
“There’s a lot of potential here to push the rents, in our opinion, with a little curb appeal improvements,” he said.
The current owner is a tenant-in-common entity, which consists of several investors who own the property and control its use. It is serviced and syndicated by the Massachusetts-based Stratford Capital Group.
Ewing said the owners are selling now to try to take advantage of what they see as a favorable market.
“It’s a really hot market,” Ewing said. “People are interested in buying apartments right now, so they think, ‘Well let’s sell now or we might have to wait another five years.’”
Indeed, more than a handful of apartment properties have hit the market or been sold in recent months.
The Coliseum Lofts near VCU sold in May for $12.3 million, as did the Match Point Apartments near Forest Hill. The Huguenot Apartments sold for nearly $30 million in late May.
And last month, Lee School Lofts at 3101 Kensington Ave. hit the market with an $8 million price tag, and the six-story One Monument Avenue building was put up for sale.
Most recently, a handful of properties once owned by imprisoned local developer Billy Jefferson have been relisted by their new owners.
And local developer Guy Blundon completed his purchase this month of 523 E. Main St., a century-old building that he’s converting into 24 new apartments.
Blundon, through his CMB Development, paid $1.94 million for the building in a sale that closed July 9, city records show.
Construction is in full swing on the building, which was built in 1916. Blundon said much of the framing work is complete and crews are starting on the mechanical, electrical and plumbing work.
He said he hopes to have the building in service by the end of this year. And he will start work on the vacant land next to the building later this year, where he hopes to construct 50 to 60 new apartments.
“The plan is still in the works,” he said.
The Market Villas apartment complex was recently put up for sale. Photo courtesy of Cushman & Wakefield | Thalhimer.
Continuing the local apartment market’s streak of recent sales and listings, a piece of Shockoe Bottom and a massive Southside complex are both up for grabs.
The Market Villas, a 31-unit apartment building at 15 N. 18th St., was listed earlier this month with a $4.07 million asking price.
Constructed in 1910, the building was redeveloped into apartments in 2003 through a historic tax credit project by its current owners, who then renovated the property again in 2011.
Cushman & Wakefield | Thalhimer brokers Catherine Spangler and Jeff Cooke are handling the listing. They identified the current owner as an entity called 13 South 15th Street LLC but declined to specify the individuals behind the LLC.
Cooke said the owners are selling the property because they are working on larger projects and want to unload some of their smaller properties. But he said the size of the building may be appealing to some buyers.
“There are a lot of people looking for investments that are smaller in scale,” Cooke said. “Not everybody wants to, or can, buy 200 apartments, but there’s a lot of demand for 10 to 50 units.”
Market Villas is currently 94 percent leased. The apartments are split between one-, two- and three-bedroom units with an average size of 817 square feet and an average rental rate of $1,070 a month.
On Richmond’s Southside, the 200-unit Newport Manor complex at 6701 Carnation St. was recently listed with a $16.5 million asking price.
Brokers Wink Ewing, Mike Marshall and Drew White of ARA Mid-Atlantic are marketing the property.
The 25-building, 200-unit Newport Manor complex is nearly fully occupied. Photo courtesy of ARA Mid-Atlantic.
Built in 1988 and consisting of 25 buildings, the complex is currently 99.5 percent occupied. The 200 apartments are split between two- and three-bedrooms, with an average of 1,001 square feet and an average rent of $907.
Ewing said the property’s interior was recently renovated, but some exterior upgrades to the 20-acre complex could take it to the next level.
“There’s a lot of potential here to push the rents, in our opinion, with a little curb appeal improvements,” he said.
The current owner is a tenant-in-common entity, which consists of several investors who own the property and control its use. It is serviced and syndicated by the Massachusetts-based Stratford Capital Group.
Ewing said the owners are selling now to try to take advantage of what they see as a favorable market.
“It’s a really hot market,” Ewing said. “People are interested in buying apartments right now, so they think, ‘Well let’s sell now or we might have to wait another five years.’”
Indeed, more than a handful of apartment properties have hit the market or been sold in recent months.
The Coliseum Lofts near VCU sold in May for $12.3 million, as did the Match Point Apartments near Forest Hill. The Huguenot Apartments sold for nearly $30 million in late May.
And last month, Lee School Lofts at 3101 Kensington Ave. hit the market with an $8 million price tag, and the six-story One Monument Avenue building was put up for sale.
Most recently, a handful of properties once owned by imprisoned local developer Billy Jefferson have been relisted by their new owners.
And local developer Guy Blundon completed his purchase this month of 523 E. Main St., a century-old building that he’s converting into 24 new apartments.
Blundon, through his CMB Development, paid $1.94 million for the building in a sale that closed July 9, city records show.
Construction is in full swing on the building, which was built in 1916. Blundon said much of the framing work is complete and crews are starting on the mechanical, electrical and plumbing work.
He said he hopes to have the building in service by the end of this year. And he will start work on the vacant land next to the building later this year, where he hopes to construct 50 to 60 new apartments.
“The plan is still in the works,” he said.