Home News Three-building downtown apartment portfolio sells for $29M

Three-building downtown apartment portfolio sells for $29M

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The Grace & Monroe Apartments at 401 W. Grace Street,Photo of Mike Platania)

As VCU students return for the new semester, several apartments around campus change ownership.

Earlier this month, Chesterfield-based Levco Management sold its 126-unit apartment portfolio in three buildings near the university to Alexandria-based Pinpoint Real Estate Partners for $29.2 million, or $232,000 per door. Did.

The three buildings are the Grace & Monroe Apartments at 401 W. Grace St. Broadway Apartments at 316 E. Broad Street. Marshall Park Townhomes at 728 W. Marshall St.

Marshall Park Townhomes, with an $11.5 million price tag, was the largest of the three deals. The 3-story townhouse apartments have a total of 41 units in a block-long complex in the Carver district.

Marshall Park Townhomes run the length of the city block.

Grace & Monroe Apartments is the densest of the three at 57 units. It sold for $10.25 million and is located across the street. 16-story condominium under construction Located in Monroe.

The final building in the deal, the 28-unit Broadway Apartments, sold for $7.5 million. Located downtown adjacent to. Upcoming restaurant ML Steak Modern Chophouse near the Greater Richmond Convention Center.

Levco acquired three buildings Between 2015 and 2018 City records put the total at $18.5 million.

Jared Levin and Max Comess, managing partners of Levco, said the condo was fully leased at the time of sale.

Levco’s managing partners Max Comess (left) and Jared Levin said the condo was fully leased at the time of sale. (Photo credit: Levco Management)

Levin said they are shifting their focus from smaller urban apartments to larger suburban apartments. Levco kicked off that strategy with the sale of his 17-unit Broad Street Lofts in 2020, last year’s sales 23 unit Mortons Apartments.

Continued that process by purchasing a museum district-like apartment complex $27 million for Gallery Midtown and Crystal Lakes Apartments in Chesterfield $106 million.

“We continue to reduce our portfolio of smaller legacy assets that have met our business plans and investment objectives,” Levin said in an email. “The sale of these properties is a milestone in our growth and evolution over the past three years.”

Levin said Levco has more deals in the pipeline, with an additional $90 million in acquisition deals now closed.

Multiple requests for comment sent to Pinpoint Real Estate Partners were not returned.

Limited information is available on the company’s website. Its LinkedIn says it was founded last year and has already acquired $125 million worth of multifamily properties.

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