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Dollar Tree and loft apartments on Broad bought for over $4M

Dollar Tree and loft apartments on Broad bought for over $4M
Posted at 12:31 PM, Jul 28, 2017
and last updated 2017-07-28 12:31:53-04

RICHMOND, Va. — Two 1920s-era apartment and retail buildings within two blocks of each other in the VCU area both sold on the same day last week for upwards of $4 million.

The 1510 Lofts apartment building at 1510 W. Broad St. sold July 21 for $4.68 million. The buyer of the 28,800-square-foot structure, which also houses a Dollar Tree, was Thalhimer Realty Partners, the investment and development arm of commercial brokerage Cushman & Wakefield | Thalhimer.

The same day, the 32,400-square-foot Iron House Apartments at 1311 W. Broad St. sold for $4.25 million to Richmond-based Levco Realty Group. The seller was Genesis Properties, a local developer that purchased the building in 2006 for $1 million.

City and state records did not make clear who exactly is behind the LLC that sold the 1510 Lofts. That entity purchased the property in 2002 for $775,000. The latest city assessment valued it at $3.45 million.

The 1510 building was listed by CBRE | Richmond, with agents Charles Wentworth and Peyton Cox representing the seller locally. Jay O’Donnell of CBRE | Charlottesville and Ryan Sciullo of CBRE’s Washington, D.C. office provided additional representation.

Matthew Raggi, a vice president with Thalhimer Realty Partners, said the purchase adds the building’s 17 apartments and 11,000-square-foot retail space to Thalhimer’s VCU-area portfolio. The company had been tracking the property, which he said had been listed more than once over the past few years.

“We own several hundred units in the immediate area, within a couple blocks of that property, so it’s just economies of scale,” Raggi said. “Our management office is a block away, so we saw some operational and management upside. And we obviously liked the location, given the fact that it’s Broad Street and VCU and in the path of growth.”

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