Industries Commercial Real Estate

Another apartment project planned for downtown Richmond

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Commonwealth Development LLC has purchased a 12,000-square-foot office building at 319-321 W. Franklin St. from the Merritt W. Foster Jr. Family Trust for $610,000. It plans for an adaptive reuse project, converting the office building into a multifamily property. John G. Myers, Jr. of Cushman & Wakefield | Thalhimer handled sale negotiations on behalf of the seller.  Richmond’s downtown area and the nearby Manchester section has seen a spate of apartment projects recently, with developers citing an increased demand for urban living.

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