A deal that had been brewing in Carver has gone stale.
The Home Brewery building at 1201 W. Clay St. (Photos by Burl Rolett)
The 37-unit Home Brewing Co. building and a nearby 12-unit apartment building on Kinney Street are back on the market about three months after the properties went under contract to be acquired. It is unclear why the deal fell apart or who the prospective buyer was, but the two properties were relisted in the past week.
The Home Brewing Co. building at 1201 W. Clay St. is listed at $4.27 million. The smaller property at 710 Kinney St. has an asking price of $800,000.
Blake Poore of Joyner Fine Properties is the listed agent for both the Home Brewing Co. apartments and the Kinney Street building. He declined to comment on the previous deal or the marketing of the properties moving forward.
Jim Hart is the owner of both properties. He bought the Home Brewing Co. building in 2000, according to city records, and renovated it in 2005 using historic tax credits. More than $3.4 million in building permits were issued for the 33,000-square-foot building between 2004 and 2006.
The 12-unit building at 710 Kinney St.
The Kinney Street building was renovated in 2003, and both properties area at full occupancy, according to a marketing flier.
Hart’s two-property portfolio is reentering a crowded for-sale market in the VCU area. Clachan Properties has a 198-unit portfolio in nine nearby apartment buildings on the market for $32.57 million. The 123-unit Coliseum Lofts building on Broad Street hit the market in October.
A deal that had been brewing in Carver has gone stale.
The Home Brewery building at 1201 W. Clay St. (Photos by Burl Rolett)
The 37-unit Home Brewing Co. building and a nearby 12-unit apartment building on Kinney Street are back on the market about three months after the properties went under contract to be acquired. It is unclear why the deal fell apart or who the prospective buyer was, but the two properties were relisted in the past week.
The Home Brewing Co. building at 1201 W. Clay St. is listed at $4.27 million. The smaller property at 710 Kinney St. has an asking price of $800,000.
Blake Poore of Joyner Fine Properties is the listed agent for both the Home Brewing Co. apartments and the Kinney Street building. He declined to comment on the previous deal or the marketing of the properties moving forward.
Jim Hart is the owner of both properties. He bought the Home Brewing Co. building in 2000, according to city records, and renovated it in 2005 using historic tax credits. More than $3.4 million in building permits were issued for the 33,000-square-foot building between 2004 and 2006.
The 12-unit building at 710 Kinney St.
The Kinney Street building was renovated in 2003, and both properties area at full occupancy, according to a marketing flier.
Hart’s two-property portfolio is reentering a crowded for-sale market in the VCU area. Clachan Properties has a 198-unit portfolio in nine nearby apartment buildings on the market for $32.57 million. The 123-unit Coliseum Lofts building on Broad Street hit the market in October.
Rents have peaked in Carver. There is a lot of rental competition, where there wasn’t in 2005 especially with the 1200 Marshall Building now renting. The properties in question are priced to high for the market. Cut each of the sales prices by half and then you have a deal that a bank will finance. For the down payment you would spend on these buildings you might as well put it down on the other portfolio of properties on the market.