The 12-story tower downtown dates to the early 1900s. (Mike Platania photo)
Changing ownership for the second time in two years, a downtown apartment building is now in the hands of yet another out-of-town investor.
The American Heritage Apartments at 1001 E. Main St. sold last month for $9.9 million, city records show.
D.C.-based investment firm Cleghorn Capital was the buyer of the 12-story, 57-unit building.
The sellers were Bluestone Group and Brentwood Investment Group, firms based out of New York and New Jersey, respectively. The pair had bought the building for $8.2 million in early 2021, around the same time they spent $75 million to buy Imperial Plaza, a senior living community in Northside.
None of the firms involved in the American Heritage deal responded to requests seeking comment.
The sale closed July 20. The property was most recently assessed at $8.3 million.
According to its website, American Heritage rents for one-bedroom units range from $1,090 to $1,635. In addition to the 57 units, the building also has a ground-floor commercial space that’s long been occupied by 7-Eleven.
Initially built for American National Bank in 1904, the building has undergone a number of renovations, according to the state Department of Historic Resources.
The structure originally was built to nine stories and was brought to 12 stories following a 1909 addition. In the 1960s, the brick building was renovated and clad in metal siding until it was redeveloped into apartments by Genesis Properties in the mid-2000s.
On its website, Cleghorn Capital reports a portfolio of over 1,300 apartment units and 500,000 square feet of industrial properties. The private firm’s other local holding is the 145-unit Victory at Edgewood Townhomes near Richmond Raceway. Henrico County records show Cleghorn bought that complex for $19 million in late 2021.
The American Heritage Apartments fetched the second-largest price tag for an apartment building in the city limits this year. The Mill at Manchester apartments is the largest sale so far, selling for nearly $15 million in May. Outside the city, the largest apartment building sale this year was the 159-unit Millspring Commons complex in Henrico, which sold last month for $34.1 million.
Genesis had another office-to-apartments project in the works downtown – conversion of a Dominion Energy-owned office tower and parking deck into nearly 600 apartments. But that deal recently fell through. A similar project nearby at the Wytestone Plaza office building, meanwhile, is moving forward and is scheduled to add 300 apartments downtown.
The 12-story tower downtown dates to the early 1900s. (Mike Platania photo)
Changing ownership for the second time in two years, a downtown apartment building is now in the hands of yet another out-of-town investor.
The American Heritage Apartments at 1001 E. Main St. sold last month for $9.9 million, city records show.
D.C.-based investment firm Cleghorn Capital was the buyer of the 12-story, 57-unit building.
The sellers were Bluestone Group and Brentwood Investment Group, firms based out of New York and New Jersey, respectively. The pair had bought the building for $8.2 million in early 2021, around the same time they spent $75 million to buy Imperial Plaza, a senior living community in Northside.
None of the firms involved in the American Heritage deal responded to requests seeking comment.
The sale closed July 20. The property was most recently assessed at $8.3 million.
According to its website, American Heritage rents for one-bedroom units range from $1,090 to $1,635. In addition to the 57 units, the building also has a ground-floor commercial space that’s long been occupied by 7-Eleven.
Initially built for American National Bank in 1904, the building has undergone a number of renovations, according to the state Department of Historic Resources.
The structure originally was built to nine stories and was brought to 12 stories following a 1909 addition. In the 1960s, the brick building was renovated and clad in metal siding until it was redeveloped into apartments by Genesis Properties in the mid-2000s.
On its website, Cleghorn Capital reports a portfolio of over 1,300 apartment units and 500,000 square feet of industrial properties. The private firm’s other local holding is the 145-unit Victory at Edgewood Townhomes near Richmond Raceway. Henrico County records show Cleghorn bought that complex for $19 million in late 2021.
The American Heritage Apartments fetched the second-largest price tag for an apartment building in the city limits this year. The Mill at Manchester apartments is the largest sale so far, selling for nearly $15 million in May. Outside the city, the largest apartment building sale this year was the 159-unit Millspring Commons complex in Henrico, which sold last month for $34.1 million.
Genesis had another office-to-apartments project in the works downtown – conversion of a Dominion Energy-owned office tower and parking deck into nearly 600 apartments. But that deal recently fell through. A similar project nearby at the Wytestone Plaza office building, meanwhile, is moving forward and is scheduled to add 300 apartments downtown.
The return was not that great, as the prior sale price does not reflect all the deferred maintenance, commercial rollover, and elevator issues. However, Brentwood is not great at maintaining their properties, as we know (see news on imperial). Glad they sold, as the next landlord should do a better job maintaining this core landmark building.