The C-shaped building along Cutshaw Avenue is made up entirely of two-bedroom units. (Mike Platania photo)
A West End apartment building is slated for a makeover after a pair of local real estate agents and investors snagged it in a $3.1 million deal.
Last month, Joseph Lawson and Cabell Childress purchased the 20-unit apartment building at 3917-3925 Cutshaw Ave.
It marks the latest deal for the duo, who work as real estate agents for Long & Foster and have been gradually building a portfolio of rentals in recent years. The duo, along with fellow Long & Foster agent Jess McLaughlin, are also working on redeveloping the long-vacant Manor at Woodland Heights senior living facility near Forest Hill.
For the Cutshaw property, Lawson said they’re planning to inject some new life into the 74-year-old building’s units, which are spread across a two-story, 37,000-square-foot building
Joseph Lawson
“Our plan in the near-term is to do some deferred maintenance and cosmetic updates to the units as leases turn over,” Lawson said. “Just bring it back up to market standard.”
The city most recently assessed the property at $2.6 million. At the time of closing Dec. 21, 18 of the building’s 20 units were occupied.
Plenty of new-construction apartment buildings are rising around the Cutshaw building. A few blocks north is The Ella, Spy Rock Real Estate Group’s mixed-use redevelopment of the UMFS campus. To the southeast, a pair of five-story apartment buildings are taking shape along Monument Avenue. Silver Hills Development and International Mission Board are the developers of that project.
“Development is kind of moving westward along Broad Street and this is really a prime opportunity, I think, to see a lot of value and growth in the coming years,” Lawson said of the neighborhood.
The C-shaped Cutshaw building frames an outdoor courtyard, which Lawson said they’re not ruling out replacing with another new apartment building.
“There’s a potential opportunity to add some density to the courtyard down the road, which is exciting, but right now we’re focused on getting the current building back up to speed,” Lawson said. “If that opportunity presents itself in the future, we’ll definitely explore that.”
Meanwhile on the Southside, Lawson said they’ve received initial approvals from the city on their plans for the Manor at Woodland Heights project, which they’re converting into 19 apartments. He said they’re now waiting to go before the city’s Planning Commission.
The C-shaped building along Cutshaw Avenue is made up entirely of two-bedroom units. (Mike Platania photo)
A West End apartment building is slated for a makeover after a pair of local real estate agents and investors snagged it in a $3.1 million deal.
Last month, Joseph Lawson and Cabell Childress purchased the 20-unit apartment building at 3917-3925 Cutshaw Ave.
It marks the latest deal for the duo, who work as real estate agents for Long & Foster and have been gradually building a portfolio of rentals in recent years. The duo, along with fellow Long & Foster agent Jess McLaughlin, are also working on redeveloping the long-vacant Manor at Woodland Heights senior living facility near Forest Hill.
For the Cutshaw property, Lawson said they’re planning to inject some new life into the 74-year-old building’s units, which are spread across a two-story, 37,000-square-foot building
Joseph Lawson
“Our plan in the near-term is to do some deferred maintenance and cosmetic updates to the units as leases turn over,” Lawson said. “Just bring it back up to market standard.”
The city most recently assessed the property at $2.6 million. At the time of closing Dec. 21, 18 of the building’s 20 units were occupied.
Plenty of new-construction apartment buildings are rising around the Cutshaw building. A few blocks north is The Ella, Spy Rock Real Estate Group’s mixed-use redevelopment of the UMFS campus. To the southeast, a pair of five-story apartment buildings are taking shape along Monument Avenue. Silver Hills Development and International Mission Board are the developers of that project.
“Development is kind of moving westward along Broad Street and this is really a prime opportunity, I think, to see a lot of value and growth in the coming years,” Lawson said of the neighborhood.
The C-shaped Cutshaw building frames an outdoor courtyard, which Lawson said they’re not ruling out replacing with another new apartment building.
“There’s a potential opportunity to add some density to the courtyard down the road, which is exciting, but right now we’re focused on getting the current building back up to speed,” Lawson said. “If that opportunity presents itself in the future, we’ll definitely explore that.”
Meanwhile on the Southside, Lawson said they’ve received initial approvals from the city on their plans for the Manor at Woodland Heights project, which they’re converting into 19 apartments. He said they’re now waiting to go before the city’s Planning Commission.
Nice pick up.
Congratulations!