Roanoke apartments sell for $2.3M
Developer Ed Walker sold West End Flats, which includes A Few Old Goats microbrewery.
The West End Flats apartments in Roanoke has sold for $2.3 million, Roanoke-based Waldvogel Commercial Properties Inc. announced Monday.
The apartment complex includes 24 one-bedroom, one-bathroom apartments and A Few Old Goats microbrewery, which is located at 515 8th St. SW. The transaction closed on April 10. The property is 92% leased.
Roanoke-based developer Ed Walker sold the property after previously purchasing it from the city of Roanoke in 2013. Walker conducted extensive renovations on the building, reopening it in 2013. A Few Old Goats leased the commercial space in 2017 and opened a tasting room and outdoor patio.
The complex was bought by Roanoke-based SKN Properties LLC. Clay Taylor, Matt Zimmerman and Jason Fountain represented Walker in the transaction.
The buyer plans to continue apartment rentals and all leases will remain in place, Taylor says.
“In the future, the flexible zoning of the property presents the buyer with multiple options, including short-term rental and hospitality use,” he added.
Due to social distancing measures, SKN Properties chose to not perform a physical inspection.
“To minimize disruptions to resident life and to exercise best social distancing practices, the buyer was willing to forego the benefit of physical inspections, and that was key to making this work,” Taylor says.
Waldvogel was founded in 2004 and provides commercial and industrial sales, leasing and property management services in Southwest Virginia.