Petersburg apartments sell for $2.9M
53-unit Landmark Apartments are Section 8 affordable housing
Landmark Apartments, a 53-unit affordable housing property in Petersburg, has been purchased by Mercer Street Partners for $2.867 million.
Landmark, located at 450 Van Buren Drive, was originally developed in 1983 using the U.S. Department of Housing Development’s (HUD) Project-Based Section 8 program for subsidized housing. The buyer, Mercer Street Partners, acquired the property subject to its existing contract with HUD, and will continue to operate the property.
Henry Mathies, senior director of Greysteel’s affordable housing group, and Fletcher Hultman, its senior director, represented the seller and procured the buyer. The most recent owner was Gillfield Associates, according to Petersburg property records.