One of the firms’ deals was for an entire city block in southeastern Manchester. (Google Maps)
An out-of-town investor has made a splashy entrance in the Richmond market with a pair of multimillion-dollar deals in two of the city’s hottest areas.
Last week, Raleigh-based PRMS Investments purchased 401 Maury St. in Manchester and 1602 Ownby Lane near The Diamond for a combined $8.3 million, city records show.
The company paid $4.8 million for the 2-acre Maury Street parcel, which occupies the entire city block bound by East Fifth, Maury, East Fourth and Everett streets, and is leased to a construction equipment storage company.
PRMS paid $3.5 million for the Ownby Lane site, which is split across two parcels totaling about 1.3 acres. The land currently houses an office building that’s leased to engineering firm LaBella Associates.
Led by Pablo Reiter, PRMS invests in and develops real estate throughout the Mid-Atlantic and Southeast. Reiter had formerly co-owned homebuilding company Terramor Homes in Raleigh, but sold it to D.R. Horton for $60 million in 2018. He formed PRMS a year later, though he said he’d already been investing in real estate for around 20 years at that point.
PRMS doesn’t have any plans to redevelop either Richmond property in the near term, though Reiter said “at some point it’ll be on the horizon.” He said both LaBella and the unnamed user on Maury’s leases carried over in the sale.
Reiter describes PRMS as a passive investor and declined to disclose exactly how many properties are in his portfolio. He said these are his first two deals in the Richmond area.
“We’re really impressed with the growth and what’s going on in Richmond with industry and employment,” Reiter said. “We thought it would be a good long-term place to buy land.”
The Maury Street deal recorded with the city on April 5. Divaris Real Estate’s Read Goode represented the seller. PRMS was represented by Bruce Milam of Bruce Commercial Realty.
The Ownby Lane deal recorded April 6. Jon Beckner of Highgate Realty Advisors represented PRMS in that purchase.
City records show that the Maury Street parcel was most recently assessed at $1.1 million, and the Ownby Lane parcels were assessed at a combined $2.4 million.
A one-story, 12,000-square-foot office building sits on PRMS’ new plot near Scott’s Addition. (Mike Platania photo)
Both properties are in parts of the city that have seen rampant developer interest in recent years.
For years, Ownby Lane was primarily known as the home to Hardywood Park Craft Brewery’s downtown taproom, but now hundreds of new apartments are being built and more are in the works, with a D.C. developer filing plans just two weeks ago for a 314-unit project on the street. It’s also just down Hermitage Road from the upcoming $2.4 billion Diamond District project.
On the Southside, Maury Street and the broader southeastern part of Manchester have been seeing increased developer interest as the neighborhood’s Hull Street corridor fills out.
In January, PRMS’ neighboring parcel at 301 Maury St. sold to a Charlottesville developer for $3.1 million, and late last year a team of local developers filed plans for a 163-unit apartment building across the street at 500 Maury St.
One of the firms’ deals was for an entire city block in southeastern Manchester. (Google Maps)
An out-of-town investor has made a splashy entrance in the Richmond market with a pair of multimillion-dollar deals in two of the city’s hottest areas.
Last week, Raleigh-based PRMS Investments purchased 401 Maury St. in Manchester and 1602 Ownby Lane near The Diamond for a combined $8.3 million, city records show.
The company paid $4.8 million for the 2-acre Maury Street parcel, which occupies the entire city block bound by East Fifth, Maury, East Fourth and Everett streets, and is leased to a construction equipment storage company.
PRMS paid $3.5 million for the Ownby Lane site, which is split across two parcels totaling about 1.3 acres. The land currently houses an office building that’s leased to engineering firm LaBella Associates.
Led by Pablo Reiter, PRMS invests in and develops real estate throughout the Mid-Atlantic and Southeast. Reiter had formerly co-owned homebuilding company Terramor Homes in Raleigh, but sold it to D.R. Horton for $60 million in 2018. He formed PRMS a year later, though he said he’d already been investing in real estate for around 20 years at that point.
PRMS doesn’t have any plans to redevelop either Richmond property in the near term, though Reiter said “at some point it’ll be on the horizon.” He said both LaBella and the unnamed user on Maury’s leases carried over in the sale.
Reiter describes PRMS as a passive investor and declined to disclose exactly how many properties are in his portfolio. He said these are his first two deals in the Richmond area.
“We’re really impressed with the growth and what’s going on in Richmond with industry and employment,” Reiter said. “We thought it would be a good long-term place to buy land.”
The Maury Street deal recorded with the city on April 5. Divaris Real Estate’s Read Goode represented the seller. PRMS was represented by Bruce Milam of Bruce Commercial Realty.
The Ownby Lane deal recorded April 6. Jon Beckner of Highgate Realty Advisors represented PRMS in that purchase.
City records show that the Maury Street parcel was most recently assessed at $1.1 million, and the Ownby Lane parcels were assessed at a combined $2.4 million.
A one-story, 12,000-square-foot office building sits on PRMS’ new plot near Scott’s Addition. (Mike Platania photo)
Both properties are in parts of the city that have seen rampant developer interest in recent years.
For years, Ownby Lane was primarily known as the home to Hardywood Park Craft Brewery’s downtown taproom, but now hundreds of new apartments are being built and more are in the works, with a D.C. developer filing plans just two weeks ago for a 314-unit project on the street. It’s also just down Hermitage Road from the upcoming $2.4 billion Diamond District project.
On the Southside, Maury Street and the broader southeastern part of Manchester have been seeing increased developer interest as the neighborhood’s Hull Street corridor fills out.
In January, PRMS’ neighboring parcel at 301 Maury St. sold to a Charlottesville developer for $3.1 million, and late last year a team of local developers filed plans for a 163-unit apartment building across the street at 500 Maury St.
That new Maury Street interchange at I-95 provided a much better look to the properties that surround it. It increased their value.Three years ago I thought Maury Street was “back-water” for Manchester but now it’s a new gateway site to the City. It took a developer approaching the city from the south to recognize its significance. But he played both hands when he also acquired a valuable site near Scotts Addition. Smart man!
I just hope he doesn’t put in a Wawa or something silly on that site facing Maury. PS When is the city going to plan/fund comprehensive improvements in both areas. Yes they are paving the roads and when development goes in we see sidewalks and new lighting but the gaps in ped/street level infrastructure (and walking in the red clay trails) says the City leadership see still sees it as backwater to me.
While the article doesn’t give a lot of detail, seems like this developer’s track record is one of homebuilding, so I’m hedging my bet that he’s not interested in putting a Wawa or a Sheetz or something else similar that would be a total waste of space there. I’m guessing some kind of multi-family residential or mixed use development.
Anyway – those kinds of ridiculous, completely out-of-place developments like Wawas, car washes & fast-food joints, etc.are more the specialty of the Thalhimer folks.
Tired of anything in Richmond being called “near Scott’s Addition”. This is clearly diamond district and is honestly just as close to the fan.
I have heard an uptick of the area around Hardywood being called Brewers Row. Most likely due to the Outpost at Brewers Row condos but feel like that name is being associated as more of a known location. I kind of like it too!
Good point! You get an A for geography.
I’d rather see this area called “near Scott’s Addition” than being called “downtown”. The Diamond District won’t feel real until they start construction on the new development because as of now it’s only a large parking lot surrounding two stadiums.