A Roanoke Days Inn has a new owner.
Saul Urban LLC purchased the 165-room hotel, located at 601 Orange Ave., from Shri Sainath Enterprises LLC for $3 million, according to Colliers.
The new owner is planning a comprehensive renovation of the property and is exploring alternative uses.
Prashant Merchant and Nic Wade, both of Colliers, handled the transaction on behalf of the seller.
While the spring was red-hot for the residential real estate market, conditions are expected to cool off in the fall.
“The market is definitely stabilizing,” says Liz Moore, board president of Real Estate Information Network Inc., the multiple listing service (MLS) for the Hampton Roads region. “We had such a frenzied market during the pandemic.”
She cautions, though, that it’s hard to predict what will happen next because the market has been so crazy.
Earlier this year, housing inventory was so low, nearly every listing had multiple offers on it, creating an ultra-competitive market for buyers.
A steadier market, which is a good possibility for this fall, is good and bad for buyers. Rising interest rates are pulling some buyers out, and would-be first-time homebuyers could be affected more than other potential buyers. But that means a more balanced supply-and-demand equation.
“It was so competitive for the last two years that buyers didn’t have much of a chance in a multiple-offer situation,” Moore says. “Now that there’s not quite such an intense frenzy of competition, buyers don’t have to pay such wild prices.”
In July 2021, the median sales price for a home in the region was $300,000 — and a year later, the median cost rose about 7.5% to $322,500, according to REIN data. And that’s up from the median price of $275,000 from July 2020. Still, Moore is seeing some cooling on the higher end of the market, where homes listed for $750,000 or more are staying on the market longer than they had in recent years.
“I think there is good news on the horizon,” Moore says. “As the inventory inches up, that will be a welcome respite for these buyers.”
An apartment building in the city of Richmond has changed hands.
BP I LLC purchased the 17th Street Lofts, located at 329-333 Oliver Hill Way, from 333 Oliver Hill LLC for $4.65 million, One South Commercial reported.
The 20,300-square-foot space includes 24 units and was purchased as an investment.
Ryan Rilee and Tom Rosman of One South Commercial represented the seller in the transaction.
A 60,900-square-foot industrial property in Norfolk has been sold for $7.3 million, Colliers announced Sept. 20.
Miami-based Jewell Capital LLC acquired the Brookside Industrial building, 4840 Brookside Court, from Maryland-based Hemsman Properties. The property in Norfolk Industrial Park is leased to regional distribution hubs for NB Handy Co. and Transtar Industries.
Mark Williford, Will Bradley and Scott Adams, all of Colliers, represented the seller.
Newton, Massachusetts-based Northland has acquired 22 acres to build a mixed-use development at the “North End” of the Innsbrook area in Henrico County, from Raleigh-based Highwoods Properties.
The site is located on the north end of the Innsbrook Corporate Center, at the Intersection of Interstate 95, Nuckols Road and Lake Brook Drive. It already has 5.5 million square feet of office space, 3,400 apartment and residential units, seven hotels and 20 restaurants, according to a news release from Cushman & Wakefield | Thalhimer.
Jane DuFrane, senior vice president and Richmond market leader for Highwoods Properties, said that the northern area of Innsbrook does not have many food choices or amenities in easy walking distance so Highwoods sought a partner to develop retail. Highwoods is known for building office space , but knew this area needed to be a mixed-use community in order to help its customers retain and attract talent.
“We wanted to urbanize without increasing the traffic,” DuFrane said.
The site is zoned for up to 700 residential units (600 apartments, 100 condos), 55,000 square feet of retail and a 150-room hotel. Early-stage design and master planning efforts will begin this year, but the completion date has not been announced.
Highwoods Properties owns 12 acres adjacent to the site where it could develop 315,000 square feet of Class A office space as part of the 34-acre mixed-use development.
“The firm plans to introduce a diverse mix of retail options, including chef-curated restaurant concepts and amenity boutiques centered around activated open space, for both future multifamily residents and office tenants,” Northland wrote in a news release announcing the acquisition.
“We’re thrilled to establish Northland’s entrance into the Richmond market with such a transformative, landmark project. Richmond, and especially the area’s numerous active suburbs, has long been a compelling target market for Northland given its consistently fervent population growth, institutional higher education ecosystem, and flourishing Fortune 500 job prospects,” Santo Dettore, associate vice president of development at Northland, said. “This site represents the next step of the Northland development platform, enabling us to leverage our extensive experience in mixed-use design and large-scale master planning to create a vibrant neighborhood for residents, employees, and visitors to the area.”
Sale negotiations were handled by Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with David Baird and Michael Denise of Cushman & Wakefield’s Baltimore land development team.
Stratford Hills Apartments, a 430-unit residential community in Richmond’s Chippenham Village neighborhood, sold for $76.5 million on Aug. 22, Colliers announced.
West 300 North Associates LLC bought the property, located at 2517 W. Tremont Court near Chesterfield County’s Bon Air area, from Stratford Bethany LLC. The property includes 42 buildings, 11 of which are garden-style apartments and 31 are townhomes. The community includes 292 townhome-style units, with one-, two- and three-bedroom floorplans. The new owners have plans for renovating the interiors and updating amenities. The property is 98% leased and a total of 429,393 square feet.
Garrison Gore, Charles Wentworth, G.S. “Hank” Hankins and Victoria Pickett, all from Colliers, handled the transaction on behalf of the seller.
New York City-based engineering firm Syska Hennessy Group, known for projects such as Lincoln Center for the Performing Arts and the Central Intelligence Agency’s Langley headquarters, has named David Wright associate vice president and senior practice area leader for health care in its Richmond office, the company announced Sept. 7.
Wright joins Syska after 23 years as senior vice president and managing director of the Richmond office of New York engineering firm WSP USA. He supervised 25 staff in Richmond and oversaw health care projects including bed tower expansions, emergency department renovations, patient wing renovations, central plant upgrades and large outpatient centers, according to Syska Hennessy.
Syska’s Richmond office has 10 people and its clients include Inova Health System, Augusta Health, and Virginia Commonwealth University Health System, according to a spokesperson.
Wright earned his bachelor’s degree in electrical engineering from Worcester Polytechnic Institute in Worcester, Massachusetts, and is a member of multiple professional organizations.
“Our health care practice is growing exponentially,” Tim Krawetz, Syska senior principal and global healthcare practice leader, said in a statement. “David will play a critical role in ensuring that innovation and quality continue to accompany that growth.”
A 71,252-square-foot office building in Caroline County has sold for just over $3 million, Cushman & Wakefield | Thalhimer announced Sept. 5.
The building, located at 24010 Partnership Blvd. in Ruther Glen, is on 47 acres. Atlantic Union Bank sold the building to Partnership Blvd Properties LLC.
Will McGoogan of Cushman & Wakefield | Thalhimer handled the transaction on behalf of Atlantic Union Bank.
The final two phases of Brady Square, a $55 million affordable housing community in Richmond, now have financing and approvals to move forward, developer Dakota Partners announced Tuesday.
The Massachusetts developer announced plans for the community in December 2021.
Dakota Partners purchased a 14.4-acre parcel at 2200 Brady St. on Richmond’s South Side. The complex will have 246 residential units. The first two phases, with 132 units and a community building, are under construction and 40-45% complete. The first phase is planned to include 66 units with 11 buildings and one community building; the second phase will be 66 units as well. The first phase is expected to be completed by May 2023 and the second in August 2023.
The third and fourth phases, each with 66 units, will bring the total to 264 units. Work on phase four started in early September and includes clearing the area for pads where its four buildings will stand. Phase four is expected to be completed in August 2023. The third phase will start at the end of September and is expected to be completed in May 2024.
All four phases will have one-, two- and three-bedroom garden and townhouse-style apartment units within two-story residential buildings.
Brady Square will target households earning 30%, 50% and 60% of the area median income household. The AMI in Richmond for 2020 was $51,421, according to the U.S. Census Bureau.
The undeveloped land was purchased from Drucker & Falk LLC, a Newport News-based commercial real estate company focused on multifamily property management. Dakota received $700,000 from the Virginia Housing Trust Fund in July 2020 to help finance the first phase of the project, according to the state.
The Gish Flats Apartments in Lynchburg have been sold for $8.15 million, Colliers announced Tuesday.
The two buildings at 317 5th St. include 66 units. Eight 8 Properties LLC purchased the apartment buildings from Gish Flats LLC.
Gish Flats, near downtown Lynchburg, underwent renovations in 2016, according to Colliers.
Charles Wentworth, Garrison Gore, G.S. “Hank” Hankins and Victoria Pickett handled the transaction on behalf of the seller.
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