Historic Preston Court Apartments sell for $7.5 million

Preston Court, a historic, 35-unit apartment building in Charlottesville, has sold for $7.5 million. According to Henrico County-based Commonwealth Commercial Partners LLC, which brokered the sale, the new owner is Neighborhood Properties, also located in Charlottesville.

The brick building at 1600 Grady Ave. was constructed in 1928 at a cost of $220,000. It’s listed on the National Register of Historic Places.
Built by Leonard and Frank Hartman in the Classic Revival style, Preston Court has been owned by members of the Hartman family since construction.  It was one of the first multi-story apartment buildings in the city.

According to Commonwealth Commercial, the building has original flooring, working fireplaces, large patios and a sunken courtyard. Terraces on the top level offer views of the University of Rotunda, a short walk away.

Also included in the sale were seven vacant lots and Wyndhurst, an adjacent home built in 1857 listed as one of Charlottesville’s Individually Protected Properties.  A Greek Revival-style home of around 4,000 square feet, it was listed on the National Register of Historic Places in 1982.

The Commonwealth Commercial team selling the property was Jim McVey, Sam Worley, and Ryan Fanelli. It says Neighborhood Properties plans historically appropriate improvements.