Apartment building in Richmond’s Scotts Addition sells for $3.5 million
Baker Atrium Lofts, a 31-unit apartment property located in the Scott’s Addition area of Richmond, has sold for $3.5 million to Ambience Management and Holdings in Herndon. According to Marcus & Millichap, the company that brokered the deal, the transaction is one of the highest price, per-unit sales to date for the city. Payton Banks served as the broker for the transaction.
Baker Atrium Lofts is located at 1714 Summit Ave in Scott's Addition, a 20-block area between North Boulevard and Broad Street that has seen many of its large industrial buildings rehabbed into commercial and residential properties. In 2007, the Baker building — formerly home to the Baker Equipment Co.– was converted to apartments, making it one of the first historic conversions in Scott’s Addition.
The property offers a mix of one –, two- and three-bedroom lofts. Amenities include high ceilings, sealed concrete floors, granite countertops and custom cabinetry. At time of sale, Marcus & Millichaps said the property was 96 percent occupied.