High Profile River City Renaissance Properties in Richmond Sold to Boston-based The Davis Companies for $37.35MM
SVN Auction Services coordinated the bankruptcy auction of the 29 residential 1800s- and 1900s-style apartment buildings located in the historic Fan and Museum districts
Richmond, Virginia (May 06, 2015)—Bringing to fruition a much publicized and complex chapter in one of Richmond’s most historic apartment property portfolios, the team at SVN Auction Services led the successful bankruptcy auction for the high profile River City Renaissance properties. The Davis Companies, an integrated real estate investment, development and management firm, purchased the River City Renaissance, LC (RCR) and River City Renaissance III, LC (RCR III) portfolio of properties for $37.35MM.
“The debtor’s counsel, Spotts Fain PC, and I appreciate the immense fortitude, perseverance and flexibility exhibited by the entire SVN Auction team,” stated Joseph Luzinski of Development Specialists, Inc. the court appointed liquidating representative.
The properties consist of 29 residential apartment buildings spanning two zip codes but primarily in the Fan and Museum districts. Located in one of Richmond’s most well-known residential areas, the properties are situated among one of the largest intact 19thand early 20th century neighborhoods in the county.
“The well-publicized recent history and high profile of the properties made this a very exciting and challenging auction to market, coordinate and guide to its successful completion,” said SVN Auction Services’ Louis B. Fisher III, CAI, who—along with team members Mark Motley, CAI, AARE, Tim Dudley, CAI, AARE, David Gilmore, CCIM, CAI, AARE, Seth Marinoff and Reid Bennett, CCIM—spearheaded the bankruptcy auction. “The process demanded a combination of experienced auction professionals with commercial real estate experts who knew the Richmond market inside and out—and we delivered.”
That combination of auction professionals teamed up with local Advisors is what sets SVN Auction Services apart, explained Richmond-based Motley. “It’s built into our Sperry Van Ness DNA to seamlessly work together, and for a complex transaction such as the River City Renaissance properties, it provides the optimal value for the clients.”
This purchase marks The Davis Companies’ first entry into the Richmond market. The company owns other commercial properties in the East, including Washington, and has a long history of community involvement, both civically and philanthropically.
“We’re very enthusiastic about these properties. They hold significant historic appeal, they’re of great intrinsic quality and they’re located in wonderful neighborhoods,” said Jonathan G. Davis, CEO of The Davis Companies. “Since some of the typical maintenance was probably deferred over the past several months, our team will now go through the properties to address any maintenance issues, and to begin a program of significant enhancements and renovations.”
The Davis Companies appointed Bonaventure as the apartments’ onsite property manager.
“We were very pleased with the entire auction process during the course of these past several months,” said Fisher. “The portfolio, from its size to its recent high profile history, presented a number of unique challenges that we were able swiftly and effectively address in order to reach this final outcome to the satisfaction of all involved.”
About SVN Auction Services
SVN Auction Services is a provider of date-specific sales and special asset solutions. It encompasses an elite group of local and regional auction advisors throughout the United States who specialize in areas such as foreclosures, tax sales, multi-properties, receiverships and bankruptcies. SVN Auction Services offers the industry’s most comprehensive spectrum of auction solutions—from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events. As part of one of the most recognized and reputable commercial real estate firms in the industry, SVN Auction Services is supported by SVN International’s more than 800 commercial real estate advisors throughout the nation. This relationship provides outstanding opportunities for SVN Auction Services to serve clients needing to move assets in accelerated timeframes and creates significant value for buyers and sellers. For more information, visit SVN Auction Services.