Three-building downtown apartment portfolio sells for $29M

The Grace & Monroe Apartments at 401 W. Grace St. (Mike Platania photos)

As VCU students return for the new semester, several apartment buildings around campus have changed hands.

Earlier this month, Chesterfield-based Levco Management sold a three-building, 126-unit portfolio of apartments near the university to Alexandria-based Pinpoint Real Estate Partners for a combined $29.2 million.

The three buildings are the Grace & Monroe Apartments at 401 W. Grace St.; the Broadway Apartments at 316 E. Broad St.; and the Marshall Park Townhomes at 728 W. Marshall St.

With a price tag of $11.5 million, the Marshall Park Townhomes was the largest of the three deals. The three-story townhouse apartments total 41units in a complex running the length of a city block in the Carver neighborhood.

The Marshall Park Townhomes run the length of a city block.

The Grace & Monroe Apartments is the densest of the three with 57 units. It fetched $10.25 million and is located across the street from an under-construction 16-story apartment tower in Monroe Ward.

The final building in the deal, the 28-unit Broadway Apartments, sold for $7.5 million. It is located downtown adjacent to the forthcoming restaurant ML Steak Modern Chophouse near the Greater Richmond Convention Center.

Levco had acquired the three buildings between 2015 and 2018 for a total of $18.5 million, city records show.

Levco Managing Partners Jared Levin and Max Comess said the apartments were fully leased at the time of sale.

Levco Managing Partners Max Comess, left, and Jared Levin said the apartments were fully leased at the time of sale. (Photo courtesy of Levco Management)

Levin said they’re shifting their focus from smaller, urban apartments to larger, suburban apartment complexes. Levco kicked off that strategy with the 2020 sale of the 17-unit Broad Street Lofts and continued it with last year’s sale of the 23-unit Morton’s Apartments.

It continued that process by purchasing apartment complexes like the Museum District’s The Gallery Midtown for $27 million and Chesterfield’s Crystal Lakes Apartments for $106 million.

“We are continuing to prune our portfolio of smaller, legacy assets where we have fulfilled our business plans and investment objectives,” Levin said in an email. “The sale of these properties is a milestone for the growth and evolution of our company over the past three years.”

Levin said Levco has more deals in the pipeline, with another $90 million of acquisitions currently under contract.

Multiple requests seeking comment sent to Pinpoint Real Estate Partners went unreturned.

There’s limited information available about the firm on its website. Its LinkedIn states that it was founded last year and has already acquired over $125 million worth of multifamily properties.

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