Spy Rock looks to sell 376-unit apartment portfolio in Fan, after $8M in upgrades
RICHMOND, Va. — Spy Rock Real Estate and Boston-based Davis Cos. have listed for sale their Midtown Apartments portfolio totaling 376 units, reports Richmond BizSense.com.
The portfolio, which includes The Gallery Midtown complex at 308 N. Nansemond St., was listed in mid-January by ARA Newmark’s Wink Ewing, Mike Marshall and Drew White. A flier for the listing does not specify an asking price or deadline for offers.
The properties once comprised the bulk of imprisoned Richmond landlord Billy Jefferson’s former River City Renaissance portfolios, which Spy Rock and Davis purchased for $37.35 million in a 2015 auction.
After selling six of the 29 properties that made up the Jefferson portfolio for $6.36 million, Spy Rock renovated the remainder of the units, which include the 157-unit Gallery Midtown complex and 219 apartments scattered among 20 buildings throughout the Fan and Museum District, collectively branded as The Collection Midtown.
Spy Rock capped off those renovations last summer with the completion of a clubhouse and swimming pool at Gallery Midtown, previously known as River City Court. According to the flier, Spy Rock and Davis put $8.4 million into the upgrades over the course of two years.
Spy Rock principal Andrew Basham said putting the portfolio up for sale has been the end-goal from the beginning for Davis and his firm, which he co-leads with fellow principal Taylor Williams.
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