Manchester Park at 1300 McDonough St. sold in July for $5.5 million. (J. Elias O’Neal)
As they ready the next wave of construction at their Manchester Park development on the Southside, Charles Macfarlane and Ben Adamson have unloaded the project’s first phase barely a year after it was completed.
The pair last month sold the 24-unit Manchester Park mixed-use property at 1300 McDonough St. for $5.5 million, according to city property records.
The deal closed July 10, with 100 percent of the duplexes and townhomes occupied at the time of sale, Macfarlane said. The property also includes the McDonough Market convenience store.
The complex in its entirety was most recently assessed by the city for about $3.2 million.
“We received unsolicited offers on the property,” Macfarlane said. “Under any other circumstance, we wouldn’t have sold the property … but we got a good price.”
The site was sold to Richmond-based DV Manchester Park LLC, according to property records. It’s unclear who is behind that entity. Broker Mike Lowry with NorthMarq Capital worked the deal.
Adamson and Macfarlane completed Manchester Park, a multiphased cluster of duplexes and townhomes bounded by Perry, McDonough, West 12th and West 13th streets, about a year ago.
The pair also constructed a second phase of Manchester Park with three duplexes at 305-311 W. 13th St. that were not part of the sale.
And despite the sale, Macfarlane and Adamson aren’t finished with Manchester Park.
Macfarlane said work is slated to begin this month on yet another phase – a four-story, 33-unit apartment building with a 4,000-square-foot corner commercial space at the 1200 block of McDonough St.
And a final phase would include another apartment or mixed-use development on a 0.3-acre lot the partners own at the corner of West 12th and Perry streets.
Macfarlane said the group is mulling ideas for that site. No development plan has been filed with the city.
“We’re high on Manchester,” Macfarlane said. “When you see the work that’s happening, and what people like (Michael and Laura Hild) are doing to bring retail and commercial support services along Hull Street, the area is really starting to come back.”
Adamson and Macfarlane have been making development moves in Manchester for several years, populating vacant lots Macfarlane picked up from the Virginia Museum of Fine Arts Foundation in 2006 with modern-design duplexes and townhomes.
Meanwhile Adamson, who developed the Brewer’s Cafe-anchored apartment development at 101 W. 12th St., is under contract to purchase the former Community Bainbridge Baptist Church, and surrounding 1109 Bainbridge and 1100 Porter streets.
That pending deal comes after Commonwealth Catholic Charities terminated a contract it had on the property to purchase and use it as an overflow cold-weather homeless shelter. The plan was met with some resistance from neighbors and Southside developers.
Adamson has yet to file plans for the church site.
Manchester Park at 1300 McDonough St. sold in July for $5.5 million. (J. Elias O’Neal)
As they ready the next wave of construction at their Manchester Park development on the Southside, Charles Macfarlane and Ben Adamson have unloaded the project’s first phase barely a year after it was completed.
The pair last month sold the 24-unit Manchester Park mixed-use property at 1300 McDonough St. for $5.5 million, according to city property records.
The deal closed July 10, with 100 percent of the duplexes and townhomes occupied at the time of sale, Macfarlane said. The property also includes the McDonough Market convenience store.
The complex in its entirety was most recently assessed by the city for about $3.2 million.
“We received unsolicited offers on the property,” Macfarlane said. “Under any other circumstance, we wouldn’t have sold the property … but we got a good price.”
The site was sold to Richmond-based DV Manchester Park LLC, according to property records. It’s unclear who is behind that entity. Broker Mike Lowry with NorthMarq Capital worked the deal.
Adamson and Macfarlane completed Manchester Park, a multiphased cluster of duplexes and townhomes bounded by Perry, McDonough, West 12th and West 13th streets, about a year ago.
The pair also constructed a second phase of Manchester Park with three duplexes at 305-311 W. 13th St. that were not part of the sale.
And despite the sale, Macfarlane and Adamson aren’t finished with Manchester Park.
Macfarlane said work is slated to begin this month on yet another phase – a four-story, 33-unit apartment building with a 4,000-square-foot corner commercial space at the 1200 block of McDonough St.
And a final phase would include another apartment or mixed-use development on a 0.3-acre lot the partners own at the corner of West 12th and Perry streets.
Macfarlane said the group is mulling ideas for that site. No development plan has been filed with the city.
“We’re high on Manchester,” Macfarlane said. “When you see the work that’s happening, and what people like (Michael and Laura Hild) are doing to bring retail and commercial support services along Hull Street, the area is really starting to come back.”
Adamson and Macfarlane have been making development moves in Manchester for several years, populating vacant lots Macfarlane picked up from the Virginia Museum of Fine Arts Foundation in 2006 with modern-design duplexes and townhomes.
Meanwhile Adamson, who developed the Brewer’s Cafe-anchored apartment development at 101 W. 12th St., is under contract to purchase the former Community Bainbridge Baptist Church, and surrounding 1109 Bainbridge and 1100 Porter streets.
That pending deal comes after Commonwealth Catholic Charities terminated a contract it had on the property to purchase and use it as an overflow cold-weather homeless shelter. The plan was met with some resistance from neighbors and Southside developers.
Adamson has yet to file plans for the church site.