A rising player in Richmond’s real estate scene has teamed up with a group of local investors on his first multifamily project: a townhouse complex rehab in Church Hill.
The 23-unit Glenwood Hill Townhomes at 509 N. 35th St. sold Dec. 1 for $1.3 million to North 35 LLC, a group that includes Jerome Myers of Myers Development Group, Chris Jefferson of Ridge Point Construction, and Troy Kingsbury of real estate firm HighHoos.
The group was represented in the deal by Charles Wentworth and Peyton Cox of CBRE | Richmond. City property records list the seller as Kings Crest LLC, an entity owned by developer and businessman David Dagenhart Jr.
The latest city assessment valued the 1-acre property at $992,000.
Myers, who has worked with Jefferson on single-family rehabs in the area, said this is his first venture into multifamily residential properties and his biggest deal since starting Myers Development Group in 2006.
“We’re just looking to bring that place up to everything else that’s going on up there,” Myers said. “The property values have been skyrocketing over the past five years or so, and Glenwood has been kind of an eyesore. It’s dilapidated … We’re looking to clean that up.”
Myers said work to improve the property is underway, with exterior renovations to include new roofs and siding, a new parking lot and landscaping enhancements. Upgrades to the units are planned as well, he said.
“We’re going to open up the kitchen, make it a little bit larger, new cabinets, granite countertops, stainless steel appliances, redoing the bathrooms – just giving it the facelift that it drastically needs,” he said.
Myers would not specify how much the group plans to invest in renovations. Jefferson’s Ridge Point Construction is the general contractor on the project.
Myers said the work should wrap up before fall, potentially followed by a second phase that would add eight units to replace ones that burned down in the past. The complex originally totaled 31 units, he said.
Myers said the group has not engaged an architect for that phase, which remains in the planning stage and would require a special-use permit from the city.
Glenwood Hill consists of two-story units with 21 two-bedroom floorplans, one one-bedroom and one three-bedroom. The units average 750 square feet and have been renting at about $700 per month, with a 90 percent occupancy rate at the time of the transaction.
Myers said the upgraded units will rent just below $1,000 monthly. The complex will be managed by locally based KRS Holdings.
Originally from Fayetteville, North Carolina, Myers said he’s focused on real estate in Richmond over the past five years. A graduate of North Carolina A&T State with a master’s degree in business from Longwood, Myers said his firm has invested in properties in Church Hill, Jackson Ward and Richmond’s Northside.
“We’re looking to do about 1,000 units over the next 10 years, so we’re looking every day for projects,” he said.
Glenwood Hill adds to other multifamily projects underway in and around Church Hill. Two triangle lots are being filled with mixed-use projects along 23rd and 25th streets. Church Hill North, a redevelopment of the old Armstrong High School, is moving forward.