Apartment portfolio in Fan, Museum District sells for second time in 4 years

The majority of the buildings are 12-unit apartment buildings along and around North Arthur Ashe Boulevard. (Mike Platania photo)

A substantial swath of Museum District and Fan apartments recently changed hands, but one unlucky building in the portfolio was left out of the deal.

The Collection Midtown, a 19-building assemblage primarily along and around Arthur Ashe Boulevard, sold last week for $40.6 million, per city records.

The portfolio totals 207 units and is now owned by Priderock Capital Partners, a South Florida-based multifamily investor.

The properties are 25, 110, 705-11, 706 and 801-811 N. Arthur Ashe Blvd; 2516 and 2716-2734 W. Grace St.; 803-809 N. Robinson St.; 2810 and 2903 Monument Ave.; 3224-3228 Stuart Ave.; and 3408 Park Ave.

A 12-unit building near the intersection of Broad and Boulevard had its roofed ripped off in a storm last month, and was not part of the deal. (Photo courtesy of Richmond Fire Department Facebook)

Excluded from the deal was one of The Collection’s pieces at 808 N. Arthur Ashe Blvd., a 12-unit building whose roof was blown off during a storm last month.

The deal marks a $9.6 million flip in four years for the seller, Campus Apartments, a Philadelphia firm that bought the portfolio in 2018 for $31 million.

In the early 2010s, what’s known today as The Collection Midtown as well as The Gallery Midtown farther west in the Museum District were owned by disgraced landlord Billy Jefferson. They were sold in 2015 in a court-ordered sale to Spy Rock Real Estate Group and Boston’s Davis Cos. for $30.8 million. The two firms eventually sold both complexes – which total 376 units – for a combined $56 million. Last winter The Gallery Midtown sold again to another local firm.

City records show the latest deal for The Collection closed July 22 and the parcels were most recently assessed at a combined $29.7 million. The $40.6 million sale equates to $196,000 per door.

Part of the 19-building assemblage reaches into the Museum District, including this Tudor-style building at 3408 Park Ave. (Mike Platania photo)

Representatives for both Priderock and Campus Apartments did not respond to requests for comment by press time.

The sale is the largest price tag the Fan and Museum District have seen for a multifamily property since the Eck family closed out their portfolio of buildings for just shy of $50 million.

The Collection Midtown looks to be Priderock’s first deal in the Richmond area, while Campus Apartments continues to own and operate 21 similar apartments along and near Arthur Ashe Boulevard under its Pierce Arrow Properties brand.

It remains unclear what the future holds for 808 N. Arthur Ashe Blvd. As of press time, a sign has been posted to its door declaring it condemned by the city.

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Bruce Milam
Bruce Milam
12 days ago

Congrats to Drew and Carter of Berkadia for this sale. I think it’s the 2nd or 3rd time Drew White has sold this group of buildings. Rising rents in the MuseumDistrict are driving these property flips.

Nathaniel Walsh
Nathaniel Walsh
11 days ago
Reply to  Bruce Milam

Sounds like churning to me. This would explain a lot about rising rents in the city.

Last edited 11 days ago by Nathaniel Walsh
Jackson Joyner
Jackson Joyner
11 days ago
Reply to  Bruce Milam

Don’t forget to give congrats to renters in the Fan. They will be rewarded with rising rents while their income remains the same.

paul brooks
paul brooks
12 days ago

Wonder if the influx of out of town investors will add pressure to demolish buildings like these in favor of higher density?

Peter James
Peter James
12 days ago
Reply to  paul brooks

Not likely to happen in the Museum District. What I’d think would be more likely to happen is that new infill construction could perhaps be larger, bringing higher density, particularly on the periphery of the Museum District. Adjacent neighborhoods — especially Scott’s Addition — are fertile ground for out-of-town investors to come in and plant seeds for significnatly higher-density development. Scott’s is a perfect example. New projects are already considerably larger than some of the developments early in Scott’s renaissance. As long as demand remains high – and industry experts continue to forecast no abatement in RVA’s demand for housing… Read more »