No roof presented no problem for a local real estate investor’s latest deal along Arthur Ashe Boulevard.
In late December Steve Tartakovsky purchased the apartment building at 808 N. Arthur Ashe Blvd. for $1.25 million. The three-story building has been condemned since high winds blew its roof off during a thunderstorm last summer.
Tartakovsky, a local landlord who operates RVA Rental Group, said his plan is to fix up the building and get tenants back into its 12 units.
“It’ll look the same. You won’t be able to see that anything happened (to the building),” Tartakovsky said.
The property was once part of The Collection Midtown, a 20-building assemblage of similarly sized apartments throughout the Fan and Museum districts that was previously owned by imprisoned local landlord Billy Jefferson. A few weeks after 808 N. Arthur Ashe Blvd. was damaged in the storm, Philadelphia-based Campus Apartments sold the rest of The Collection Midtown for $40 million, but 808 N. Arthur Ashe Blvd. was left out of the deal.
The building caught the eye of Tartakovsky, who closed on it on Dec. 19. The city most recently assessed it at $1.4 million. One South Commercial’s Justin Sledd and Tom Rosman represented Tartakovsky in the deal.
Since the storm last summer, Tartakovsky said Campus Apartments had kept temporary tarps and plastic sheets on the roof to prevent rain from further damaging the inside of the building.
“It doesn’t look too bad in there. Inside, there’s really one and a half of the units that took the brunt of the damage, so they will need new sheetrock,” Tartakovsky said. “The framing all looks good…I don’t think the water made it down too much further past the ceilings of level two.”
He said he’s hoping to have the repairs done and the building ready for new tenants by March.
Included in the deal were a few garages in the back of the building that Tartakovsky said he’d consider trying to rezone and redevelop as short-term rentals, but no plans have been finalized.
Over the last 12 years Tartakovsky has built a portfolio of around 200 doors, the majority of which are in the city. He said he seeks out properties that are due for renovations and tries to price rents low enough to reduce turnover.
“I try to keep my tenants happy. I don’t squeeze the top rent numbers out of them but there’s less turnover and everyone’s just happier,” he said.