PortRVA has about 100 units, each roughly 500 square feet. Photos by Katie Demeria.
With some construction still underway, one of Manchester’s newest apartment buildings is already on the market.
Developers Sam McDonald and Mark Scordo of Property Results have put their 102-unit PortRVA up for sale with a $15.1 million asking price.
The property at 500 Hull St. officially hit the market Monday. Residents are already moved in and the units are 100 percent leased. Work is still underway on the property’s outdoor pool and a few other finishing touches. Colliers International brokers Bruce Milam and Jackie Noel are handling the listing.
PortRVA’s apartments are most notable for their small size. Milam said McDonald and Scordo knew from experience that one-bedroom units rent faster, so they built a property with an average unit size of a little more than 500 square feet. None of the apartments rent for more than $1,000.
PortRVA has views of Manchester from its location at Hull and Fifth streets.
“They didn’t want to go micro,” Milam said. “But (the size is) great for young folks, who mostly want to live around here and be near all the action.”
The 55,000-square-foot property, which also has about 2,900 square feet of commercial space leased to a convenience store, is testing a market that has seen a streak of apartments go up for sale or sell in recent months. Two properties in Henrico and Chesterfield counties each sold for $25 million, and complexes in Shockoe Bottom and the Southside, the Lee School Lofts in the Museum District, and One Monument Avenue in the Fan have all recently been listed.
“It’s a good opportunity to get class-A products on the market,” Milam said.
Not included in the sale of PortRVA is an adjoining 0.5-acre plot owned by Property Results that will likely eventually hold the second phase of the property. Milam said the structure will likely be six stories with parking included, but no timeline has been set.
There’s still plenty of other construction ongoing in Manchester. PortRVA sits almost directly across from Thalhimer Realty Partners’ 17.5-acre Reynolds South mixed-use project.
Other nearby recent developments include the Terraces at Manchester, which opened this year, Fountainhead Properties’ proposed two 16-story towers near Reynolds South, plus Miller Lofts and Plant 1.
PortRVA has about 100 units, each roughly 500 square feet. Photos by Katie Demeria.
With some construction still underway, one of Manchester’s newest apartment buildings is already on the market.
Developers Sam McDonald and Mark Scordo of Property Results have put their 102-unit PortRVA up for sale with a $15.1 million asking price.
The property at 500 Hull St. officially hit the market Monday. Residents are already moved in and the units are 100 percent leased. Work is still underway on the property’s outdoor pool and a few other finishing touches. Colliers International brokers Bruce Milam and Jackie Noel are handling the listing.
PortRVA’s apartments are most notable for their small size. Milam said McDonald and Scordo knew from experience that one-bedroom units rent faster, so they built a property with an average unit size of a little more than 500 square feet. None of the apartments rent for more than $1,000.
PortRVA has views of Manchester from its location at Hull and Fifth streets.
“They didn’t want to go micro,” Milam said. “But (the size is) great for young folks, who mostly want to live around here and be near all the action.”
The 55,000-square-foot property, which also has about 2,900 square feet of commercial space leased to a convenience store, is testing a market that has seen a streak of apartments go up for sale or sell in recent months. Two properties in Henrico and Chesterfield counties each sold for $25 million, and complexes in Shockoe Bottom and the Southside, the Lee School Lofts in the Museum District, and One Monument Avenue in the Fan have all recently been listed.
“It’s a good opportunity to get class-A products on the market,” Milam said.
Not included in the sale of PortRVA is an adjoining 0.5-acre plot owned by Property Results that will likely eventually hold the second phase of the property. Milam said the structure will likely be six stories with parking included, but no timeline has been set.
There’s still plenty of other construction ongoing in Manchester. PortRVA sits almost directly across from Thalhimer Realty Partners’ 17.5-acre Reynolds South mixed-use project.
Other nearby recent developments include the Terraces at Manchester, which opened this year, Fountainhead Properties’ proposed two 16-story towers near Reynolds South, plus Miller Lofts and Plant 1.
Excellent article, Katie. However of the 102 units, there are four two bedroom units that are leased for more than $1000. By “unfinished”, PORTRVA is so new that it is still in the throes of its punch-out list and will make a couple of changes and additions to its exterior skin within the next few weeks. Brokers are welcome to inquire for a package.