Formerly a brewery in the late 1800’s and early 1900’s, the building now houses 37 apartments. (Photos by Mike Platania)
A nearly 130-year-old brewery-turned-apartment-building in Carver has changed hands.
The 37-unit Cornish Brewery Apartments at 1201 W. Clay St. was purchased for $5.8 million by local property management firm University Property. Thalhimer Realty Partners was the seller.
The price amounts to $156,000 per unit.
University Property CEO Andrew Horrocks said the off-market deal, announced last week, was in the works prior to the pandemic taking hold in March.
The 129-year-old building sold last week for $5.8 million.
The firm now owns six buildings near VCU, including the Theatre Row Apartments at 115 W. Broad St. and Artisan Alley at 323 W. Broad St. University Property also operates in other markets in the Southeast.
“Cornish Brewery Apartments fits our Richmond growth strategy perfectly and is well-situated in the VCU/Virginia Union sub-market we aim to serve,” Horrocks said.
The 33,000-square-foot building was converted into apartments in the early 2000s before TRP bought it in 2014 for $3.8 million. It most recently was assessed by the city at $4.7 million.
CBRE’s Calvin Griffith and Peyton Cox represented TRP in the deal.
Horrocks said they’re not planning many physical changes to the building, which has a 95 percent occupancy rate.
The Cornish Home Brewery building is just a block west from Virginia Supportive Housing’s latest project, the New Clay House, an apartment and support building for the homeless.
Formerly a brewery in the late 1800’s and early 1900’s, the building now houses 37 apartments. (Photos by Mike Platania)
A nearly 130-year-old brewery-turned-apartment-building in Carver has changed hands.
The 37-unit Cornish Brewery Apartments at 1201 W. Clay St. was purchased for $5.8 million by local property management firm University Property. Thalhimer Realty Partners was the seller.
The price amounts to $156,000 per unit.
University Property CEO Andrew Horrocks said the off-market deal, announced last week, was in the works prior to the pandemic taking hold in March.
The 129-year-old building sold last week for $5.8 million.
The firm now owns six buildings near VCU, including the Theatre Row Apartments at 115 W. Broad St. and Artisan Alley at 323 W. Broad St. University Property also operates in other markets in the Southeast.
“Cornish Brewery Apartments fits our Richmond growth strategy perfectly and is well-situated in the VCU/Virginia Union sub-market we aim to serve,” Horrocks said.
The 33,000-square-foot building was converted into apartments in the early 2000s before TRP bought it in 2014 for $3.8 million. It most recently was assessed by the city at $4.7 million.
CBRE’s Calvin Griffith and Peyton Cox represented TRP in the deal.
Horrocks said they’re not planning many physical changes to the building, which has a 95 percent occupancy rate.
The Cornish Home Brewery building is just a block west from Virginia Supportive Housing’s latest project, the New Clay House, an apartment and support building for the homeless.