Home News Lee School Lofts in Museum District now on third owner after $10M sale

Lee School Lofts in Museum District now on third owner after $10M sale

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The building was built in 1917 and converted into apartments in 2002. (Photo of Mike Platania)

A sizable Museum District apartment is in the hands of a suburban buyer with big plans in the Richmond area.

The Lee School Loft at 3101 Kensington Avenue was sold last month to Fredericksburg-based investment firm Leumas Group for $10.5 million. The price tag per door will be around $264,000.

Located near the intersection of Kensington and Belmont Avenues, the three-story building was converted into 40 apartments in 2002 by local developer Miller & Associates. The 52,000-square-foot building was formerly Robert E. Lee Elementary School.

The Leumas Group purchased the building from River Asset Management Co. of Charlottesville. Purchased from Miller & Associates in 2016 $7.6 million.

Leumas Group’s managing director, Reggie Samuel, said the company’s apartment portfolio is typically fluid, but often reaches around 4,000 units. He said he was surprised they had the opportunity to trace the Lee School property.

“This is one of the assets that we never thought would be available. These are assets that are typically held by generations,” says Samuel.

“We love these old pre-war trades, well built to standards that cannot be replicated in the modern economy. I believe it will be just as useful as it is now.”

Miller & Associates runs vertically with five townhomes on opposite sides of the block.

The transaction closed on August 12th. The property was recently valued at $8.8 million.

Samuel said the building’s apartments were fully occupied at the time of the sale. With the handover of the unit, Leumas plans to refurbish the exterior, but no major changes are planned.

In addition to investing in multifamily housing such as Lee School Lofts, Leumas Group also provides property management and relocation services. The company owns several similar historic buildings in cities such as Pittsburgh and Savannah, and Samuel said it plans to keep Lea School his loft for at least 30 years.

Samuel said it is the first of many deals Leumas plans to make in Richmond.

“Our intention is to build a portfolio of 400 to 500 units[in Richmond]over the next year,” Samuel said. “We really like Richmond and the trends we’ve seen in terms of economic growth and population growth. Richmond has a lot of the characteristics that we’ve seen in other markets around the country just before there’s a fairly aggressive liftoff. You can see it.”

Despite selling the Lee School Lofts six years ago, Miller & Associates is still busy on the block.they are now going vertically 5 Luxurious Townhomes It’s on the west end of the block.

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