Verizon-anchored apartment building sells for $3M

lombardy lofts

The apartment building at 613 N. Lombardy St. sold for $2.95 million. (Jonathan Spiers)

A mixed-use building on a busy West Broad Street intersection is the latest property to change hands in an increasingly hot spot for multifamily real estate.

The Lombardy Lofts apartments at 613 N. Lombardy St. sold March 9 for $2.95 million, according to city property records.

Those records list the buyer as Lombardy Asset 1 LLC, an entity registered with the State Corporation Commission by Curtis Gordon of local law firm Dankos, Gordon & Tucker.

The seller was an LLC owned by Louis Salomonsky, the local developer who converted the two-story, 13,300-square-foot building into apartments and a commercial storefront in 2015. Lory Markham of One South Commercial represented Salomonsky in the deal.

One South’s Tom Rosman represented the buyer. A call to Gordon late Monday afternoon was not immediately returned.

Salomonsky purchased the building, which previously housed Nehemiah House of Prayer, in 2002 for $175,000. He said he put upwards of $1.5 million into the rehab, which converted the 1920s-era building into 13 one- and two-bedroom apartments and a 3,000-square-foot storefront leased by Verizon Wireless.

The most recent city assessment valued the 0.13-acre property at $2.04 million.

Salomonsky said he was pleased with the purchase price on the property, which he said was fully leased at the time of the sale. The building has been managed by Salomonsky’s Sky Management firm, which also manages his William Hill Building apartments in Shockoe Slip and Jackson Pine Alley apartments in Shockoe Bottom.

“It had a good commercial tenant and 13 well-rented apartments, and 70 percent of the leases were non-student,” he said. “I got a good price, but everybody’s getting good prices right now.”

The sale isn’t Salomonsky’s first on that stretch of Broad Street. Three years ago his firm Main Street Realty, which he runs with partner David White, sold the 123-unit Coliseum Lofts at 1359 W. Broad St. for $12.3 million. The complex, which Salomonsky developed in the early 2000s, is a couple doors down from Lombardy Lofts.

More recently, the surrounding area has shown increased movement in multifamily real estate.

Across Broad Street, the Dollar Tree-anchored 1510 Lofts apartment building at 1510 W. Broad St. sold last summer for $4.68 million to Thalhimer Realty Partners, the investment and development arm of commercial brokerage Cushman & Wakefield | Thalhimer.

Two blocks east, the 35-unit Iron House Apartments at 1311 W. Broad St. sold the same day for $4.25 million to Richmond-based Levco Realty Group.

A couple blocks south from Lombardy Lofts, the One Monument Avenue complex at 421 Stuart Circle sold in February for $12 million to a New York-based buyer. Nearby, a parking lot behind St. John’s United Church of Christ is the site of a planned six-story, 105-unit apartment building.

lombardy lofts

The apartment building at 613 N. Lombardy St. sold for $2.95 million. (Jonathan Spiers)

A mixed-use building on a busy West Broad Street intersection is the latest property to change hands in an increasingly hot spot for multifamily real estate.

The Lombardy Lofts apartments at 613 N. Lombardy St. sold March 9 for $2.95 million, according to city property records.

Those records list the buyer as Lombardy Asset 1 LLC, an entity registered with the State Corporation Commission by Curtis Gordon of local law firm Dankos, Gordon & Tucker.

The seller was an LLC owned by Louis Salomonsky, the local developer who converted the two-story, 13,300-square-foot building into apartments and a commercial storefront in 2015. Lory Markham of One South Commercial represented Salomonsky in the deal.

One South’s Tom Rosman represented the buyer. A call to Gordon late Monday afternoon was not immediately returned.

Salomonsky purchased the building, which previously housed Nehemiah House of Prayer, in 2002 for $175,000. He said he put upwards of $1.5 million into the rehab, which converted the 1920s-era building into 13 one- and two-bedroom apartments and a 3,000-square-foot storefront leased by Verizon Wireless.

The most recent city assessment valued the 0.13-acre property at $2.04 million.

Salomonsky said he was pleased with the purchase price on the property, which he said was fully leased at the time of the sale. The building has been managed by Salomonsky’s Sky Management firm, which also manages his William Hill Building apartments in Shockoe Slip and Jackson Pine Alley apartments in Shockoe Bottom.

“It had a good commercial tenant and 13 well-rented apartments, and 70 percent of the leases were non-student,” he said. “I got a good price, but everybody’s getting good prices right now.”

The sale isn’t Salomonsky’s first on that stretch of Broad Street. Three years ago his firm Main Street Realty, which he runs with partner David White, sold the 123-unit Coliseum Lofts at 1359 W. Broad St. for $12.3 million. The complex, which Salomonsky developed in the early 2000s, is a couple doors down from Lombardy Lofts.

More recently, the surrounding area has shown increased movement in multifamily real estate.

Across Broad Street, the Dollar Tree-anchored 1510 Lofts apartment building at 1510 W. Broad St. sold last summer for $4.68 million to Thalhimer Realty Partners, the investment and development arm of commercial brokerage Cushman & Wakefield | Thalhimer.

Two blocks east, the 35-unit Iron House Apartments at 1311 W. Broad St. sold the same day for $4.25 million to Richmond-based Levco Realty Group.

A couple blocks south from Lombardy Lofts, the One Monument Avenue complex at 421 Stuart Circle sold in February for $12 million to a New York-based buyer. Nearby, a parking lot behind St. John’s United Church of Christ is the site of a planned six-story, 105-unit apartment building.

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