New developments are booming in Manchester, but buyers are asking their neighbors for long-term investments in assets that have already been built.
Cityview Apartment Motorworks sold last month to a group led by local investor Alex Griffith for $ 7 million. The 39-unit multipurpose building is located on 616 Hull Street.
Originally from Richmond, Griffith has acquired about $ 16 million worth of commercial real estate in the city since returning to town after finishing work on the West Coast last spring.
Motorworks apartments Redeveloped by Genesis Properties About 10 years ago. Genesis sold the apartment to Thalhimer Realty Partners in late 2019 for $ 4.3 million. Recently, the parcel was valued at $ 4.9 million.
Griffith said he enjoyed seeing less competitive areas such as: Forest Hill When Shoko Lip Due to his previous deal, but he was nevertheless attracted to Manchester, one of the city’s development hotspots.
“I don’t know if I was chasing this once I was on the market. I felt like I was doing a fair deal,” Griffith said of off-market trading. “I was really confident in Talhimer just because they knew their reputation for how they managed their property. There was a lot of confidence in the background of the property.”
The sale ended on June 21, city records show. Virginia Community Capital was a lender for Griffith’s group. CBRE’s Peyton Cox and Griffith’s brother Calvin Griffith have joined the deal.
Griffith said the apartment was completely rented and did not plan many changes other than minor refurbishments as needed.
“It’s not worth the addition. I loved the neighborhood and thought I was getting the right price for an asset that would continue to outperform,” he said.
Griffith is one of the local investors who share his vision of buying and holding real estate in the long run, including Insbrook-based Kinlock Capital, which was a major investor in the transaction. He said he came to know.
“Opportunities (with investors) help us because we have more ability to get things done. You don’t have to wait to sell anything else,” Griffith said in a previous Richmond deal. Said that all of them had no investors.
On the other side of the Shokko Lip river, Griffith said there was a change in the store for the 19-21 S.13th St. he bought in the spring. The building has 6,000 square feet of commercial space on the ground floor. Kobe’s Japanese steak and sushi house for many years Until closing in 2019.
Instead of looking for new restaurant users, Griffith said he plans to convert the space into six residential units. Half of them will be a two-story loft.
“This building already has some amazing creative dwellings in the loft and roof deck, so we’ll add to that,” Griffith said. “Many of the units in the (shock) area are quite small, but I think they have the support of a larger, well-equipped space.”