A local real estate firm finalized its purchase of a historic Carver building. Photos by Burl Rolett.
A local real estate firm has added to its VCU-area apartment portfolio in an off-again, on-again deal that finally closed last week.
Thalhimer Realty Partners bought the 37-unit Home Brewing building at 1201 W. Clay St. for about $3.9 million. The deal closed Oct. 23.
It was Thalhimer Realty Partners’ second attempt at a deal for the apartments, company president Drew Wiltshire said, after a contract on the Carver-area property fell through late last year.
“It was really a matter of just making sure the property got full, and the leasing season at VCU really dictates the occupancy,” he said. “We wanted to close after the leasing season this year, and the property met the objectives we were looking for, so we decided to close.”
The Home Brewing building came in a package with 12 more apartments at 710 Kinney St. Thalhimer Realty Partners bought that complex in July for $747,000, driving the total value of the two-property portfolio to $4.65 million.
The Home Brewing building is a 33,000-square-foot property that was built in 1891. It housed the Home Brewing Co., which brewed Richbrau beer before closing in 1969. Jim Hart, the building’s previous owner, renovated the property in 2005 using historic tax credits.
Joyner Commercial brokers Blake Poore and Curt Reichstetter handled the deal for both the Home Brewing building and 710 Kinney St. on Hart’s behalf.
The Home Brewing building’s $3.9 million price tag includes cash Thalhimer Realty Partners pitched in as well as a current loan on the property the company is assuming. Thalhimer financed the Kinney Street purchase with a $650,000 loan from Xenith Bank.
Thalhimer already owns the Biggs Building apartments, a 66-unit complex on Marshall Street two blocks east of the Home Brewing building in Carver. Wiltshire said the Biggs property and the Home Brewing property both tend to attract students.
Thalhimer Realty Partners will leave the Home Brewing building as is but is in the process of upgrading the 710 Kinney St. apartments. Wiltshire said the company has let leases at that building expire and negotiated early terminations with tenants to clear the way for some interior renovations.
The building was previously occupied by longer-term tenants, but Wiltshire said the new design will cater to the VCU crowd. He estimated apartments between the Home Brewing building and the revamped Kinney Street apartments will rent between $795 and $875 for one-bedrooms and about $1,200 for two-bedrooms.
“We thought there was a little more value there if we upgraded the units and targeted the students,” he said. “It may not have made sense for the previous owner, but it made sense to us.”
A local real estate firm finalized its purchase of a historic Carver building. Photos by Burl Rolett.
A local real estate firm has added to its VCU-area apartment portfolio in an off-again, on-again deal that finally closed last week.
Thalhimer Realty Partners bought the 37-unit Home Brewing building at 1201 W. Clay St. for about $3.9 million. The deal closed Oct. 23.
It was Thalhimer Realty Partners’ second attempt at a deal for the apartments, company president Drew Wiltshire said, after a contract on the Carver-area property fell through late last year.
“It was really a matter of just making sure the property got full, and the leasing season at VCU really dictates the occupancy,” he said. “We wanted to close after the leasing season this year, and the property met the objectives we were looking for, so we decided to close.”
The Home Brewing building came in a package with 12 more apartments at 710 Kinney St. Thalhimer Realty Partners bought that complex in July for $747,000, driving the total value of the two-property portfolio to $4.65 million.
The Home Brewing building is a 33,000-square-foot property that was built in 1891. It housed the Home Brewing Co., which brewed Richbrau beer before closing in 1969. Jim Hart, the building’s previous owner, renovated the property in 2005 using historic tax credits.
Joyner Commercial brokers Blake Poore and Curt Reichstetter handled the deal for both the Home Brewing building and 710 Kinney St. on Hart’s behalf.
The Home Brewing building’s $3.9 million price tag includes cash Thalhimer Realty Partners pitched in as well as a current loan on the property the company is assuming. Thalhimer financed the Kinney Street purchase with a $650,000 loan from Xenith Bank.
Thalhimer already owns the Biggs Building apartments, a 66-unit complex on Marshall Street two blocks east of the Home Brewing building in Carver. Wiltshire said the Biggs property and the Home Brewing property both tend to attract students.
Thalhimer Realty Partners will leave the Home Brewing building as is but is in the process of upgrading the 710 Kinney St. apartments. Wiltshire said the company has let leases at that building expire and negotiated early terminations with tenants to clear the way for some interior renovations.
The building was previously occupied by longer-term tenants, but Wiltshire said the new design will cater to the VCU crowd. He estimated apartments between the Home Brewing building and the revamped Kinney Street apartments will rent between $795 and $875 for one-bedrooms and about $1,200 for two-bedrooms.
“We thought there was a little more value there if we upgraded the units and targeted the students,” he said. “It may not have made sense for the previous owner, but it made sense to us.”