Apartment deal trend continues with $7.6M sale

The Lee School Lofts

The Lee School Lofts has been sold after about six months on the market. Photo by Katie Demeria.

Last year’s wave of local apartment deals has carried over into 2016.

The 40-unit Lee School Lofts at 3101 Kensington Ave. sold last week for $7.6 million. The buyer was Charlottesville-based River Asset Management Co.

Wink Ewing, Mike Marshall and Drew White of ARA Mid-Atlantic handled the deal for the seller. The property was listed last summer with an $8 million asking price.

A message left for River Asset Management President William Gordon was not returned by press time.

The deal was the Charlottesville firm’s first step into the Richmond market, Ewing said.

“They’ve wanted to expand to Richmond for a while,” he said.

The property received about eight serious offers, Ewing said. Interest came from local, regional and out-of-town prospects, mostly private equity-type groups.

Built in 1917, the 55,000-square-foot building was formerly known as the Robert E. Lee School and served nearly 1,000 students as an elementary school until 1992. With the help of historic tax credits, it was converted into apartments in 2002 by local real estate developer Miller & Associates. It had most recently been owned by a Texas-based Westlake Housing.

Ewing said the sales process was slowed by the need to rezone the property to remove a covenant that called for the building to be converted to condos. The zoning was amended to allow it to stay as apartments.

The Lee School deal follows a river of recent apartment sales in the region dating back to last month and totaling more than $80 million, including properties downtown and in the suburbs.

The Lee School Lofts

The Lee School Lofts has been sold after about six months on the market. Photo by Katie Demeria.

Last year’s wave of local apartment deals has carried over into 2016.

The 40-unit Lee School Lofts at 3101 Kensington Ave. sold last week for $7.6 million. The buyer was Charlottesville-based River Asset Management Co.

Wink Ewing, Mike Marshall and Drew White of ARA Mid-Atlantic handled the deal for the seller. The property was listed last summer with an $8 million asking price.

A message left for River Asset Management President William Gordon was not returned by press time.

The deal was the Charlottesville firm’s first step into the Richmond market, Ewing said.

“They’ve wanted to expand to Richmond for a while,” he said.

The property received about eight serious offers, Ewing said. Interest came from local, regional and out-of-town prospects, mostly private equity-type groups.

Built in 1917, the 55,000-square-foot building was formerly known as the Robert E. Lee School and served nearly 1,000 students as an elementary school until 1992. With the help of historic tax credits, it was converted into apartments in 2002 by local real estate developer Miller & Associates. It had most recently been owned by a Texas-based Westlake Housing.

Ewing said the sales process was slowed by the need to rezone the property to remove a covenant that called for the building to be converted to condos. The zoning was amended to allow it to stay as apartments.

The Lee School deal follows a river of recent apartment sales in the region dating back to last month and totaling more than $80 million, including properties downtown and in the suburbs.

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Bruce.milam
Bruce.milam
6 years ago

Beautiful property in a great neighborhood. Congrats to all parties involved for the transaction.