Richmond apartment building sells for $27M
The Gallery Midtown has 157 units
A 157-unit apartment building in Richmond sold for $27.25 million, Minneapolis, Minnesota-based real estate broker NorthMarq announced Wednesday.
Located at 308 N. Nansemond St., the three-story property known as The Gallery Midtown was built in 1938. The previous seller, Richmond-based Spy Rock Real Estate Group, renovated the building. Provo, Utah-based developer Peak Capital Partners bought it in 2018.
Peak Capital Partners sold the building to Richmond-based Levco Management. Wink Ewing, Mike Marshall, Matt Straughan and Jared Alcorn with NorthMarq’s Richmond investment sales team arranged the sale.
“The Gallery Midtown was a compelling opportunity for our company to acquire an incredibly well-located and unique asset right in our own backyard,” Jared Levin, a managing partner of Levco Management, said in a statement. “Over the next two years, we will be executing a property-wide renovation plan that will enhance the finishes and efficiency of the apartment interiors in addition to several other exterior, common area and amenity upgrades targeted at improving the property’s curb appeal and overall experience for the residents.”
With its discretionary private equity fund, Levco Multifamily Fund I LP, and other investment vehicles, the company plans to spend $300 million to $400 million on purchasing and renovating multifamily properties over the next two years.