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Multi-Family Portfolio, Downtown Richmond, VA – $37.3MM

Multi-Family Portfolio, Downtown Richmond, VA – $37.3MM

HIGH PROFILE RIVER CITY RENAISSANCE

CASE NO. 14-34080-KLP
EASTERN DISTRICT OF VIRGINIA (RICHMOND DIVISION)

 

SVN Auctions Represented: Debtor in Possession
Asset Location: Richmond, Virginia
Asset Type: Multi-Family Portfolio
Sale Price: $37,350,000 ($84,866 per unit)

 

CLIENT CHALLENGE

  • Billed by local media as the “Largest Sale of Multi-Family Real Estate” in the history of Downtown Richmond.
  • 440 multi-family units spread among 29 eclectic buildings.
  • The property(s) are located in the well known and established “Fan” and “Museum District(s)”.
  • Single and multi-family residences, mostly constructed during the early part of the 20th century.
  • Much of the portfolio is centered around Monument Avenue, which is the only street in America listed on the National Register of Historic Places.

SVN AUCTION SERVICES SOLUTION

  • The process demanded a combination of experienced auction professionals with commercial real estate experts who knew the Richmond market inside and out.
  • The court approved auction bidding terms and sale procedures instructed all interested parties to submit their initial written offer(s) | bid(s) for either an individual building, multiple buildings or the entirety as a requirement to be a recognized “Qualified Bidder”.
  • A pre-bid webinar hosted and conducted by SVN Auction representatives, Debtor’s counsel and the court appointed Liquidating Representative provided interested parties with details for submitting their offer(s) |bid(s), information about the portfolio and was attended by 98 registrants

RESULTS

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. 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.

 

TESTIMONIAL

The debtor’s counsel, Spotts Fain PC, and I appreciate the immense fortitude, perseverance and flexibility exhibited by the entire SVN Auction team.”  – Joseph Luzinski of Development Specialists, Inc., the court appointed liquidating representative

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 190 locations in 500 markets. 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.

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