Home News Apartment portfolio in Fan, Museum District sells for second time in 4 years

Apartment portfolio in Fan, Museum District sells for second time in 4 years

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Most of the buildings are 12 unit apartments in and around North Arthur Ashe Boulevard. (((Mike Platania Photo).

A significant range of museum district and fan apartments have recently changed hands, but one unlucky building in the portfolio has been excluded from the deal.

Collection Midtown is 19 buildings, primarily along and around Arthur Ashe Boulevard, sold last week for $ 40.6 million per city record.

The portfolio totals 207 units and is now owned by Priderock Capital Partners, a South Florida-based condominium investor.

The properties are 25, 110, 705-11, 706, and 801-811 N. ArthurAshe Blvd. 2516 and 2716-2734 W. Grace St.; 803-809 N. Robinson Street; 2810 and 2903 Monument Avenue. 3224-3228 Stuart Avenue; and 3408 Park Avenue.

The 12-unit building near the intersection of Broad and Boulevard was not part of the deal, as the roof was stripped off by a storm last month. (((Richmond Fire Department Facebook photo courtesy).

Excluded from the contract is one of The Collection’s works at 808 N. Arthur Ashe Blvd., a 12-unit building. The roof was blown off by the storm last month..

The deal has shown a $ 9.6 million reversal over four years for the seller, Philadelphia’s company Campus Apartments. I bought a portfolio in 2018 For $ 31 million.

In the early 2010s, what is now known as Collection Midtown and Gallery Midtown, further west of the Museum District, were owned by the shameful landowner Billy Jefferson.They were sold in 2015 Sale by court order Spy Rock Real Estate Group and Davis Cos in Boston. For $ 30.8 million. The two companies eventually sold both complexes (376 units total) for $ 56 million.Last winter The Gallery Midtown Sold again to another local company..

According to city records, the latest transaction for the collection ended on July 22, and the parcel was recently valued at a total of $ 29.7 million. Sales of $ 40.6 million are equivalent to $ 196,000 per door.

Some of the 19 buildings reach the museum district, including this Tudor-style building on 3408 Park Avenue.Mike Platania Photo).

Representatives from both Priderock and Campus Apartments did not respond to requests for comment by the press time.

This sale is the largest price tag fans and museum quarters have seen about apartments. Eck family closed portfolio Of a shy building for only $ 50 million.

Collection Midtown appears to be Pride Rock’s first deal in the Richmond area, but Campus Apartments continues to own and operate 21 similar apartments along and near Arthur Ashe Boulevard under the Pierce-Arrow Property brand. increase.

It is unclear what the future holds for 808 N. Arthur Ashe Blvd. At the time of the press, a sign was posted on the door proclaiming that it had been blamed by the city.

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