PRC Acquires Downtown Richmond Apartments, Plans Seniors Housing
People Restoring Communities (PRC), an affordable housing development firm, announced the acquisition of Grace Street Apartments, an 11-story residential building located at 400 East Grace Street in downtown Richmond, Virginia.
PRC, in a joint venture with The Delaine Companies and in partnership with the Richmond Redevelopment & Housing Authority (RRHA), plans to substantially rehabilitate the long-vacant property and create 68 affordable apartments for seniors.
PRC acquired the property through a ground lease with an upfront payment of approximately $4.9 million. The acquisition was financed with a $3.3 million bridge loan from Low Income Investment Fund, with PRC contributing approximately $1.6 million in equity, both of which are expected to be repaid with funds available at the project’s construction closing.
The planned rehabilitation will reconfigure the building’s existing 58 apartments, which are currently a mix of studios, one-, and two-bedroom apartments, into 68 homes tailored to low-income seniors, while upgrading the building’s ground-floor commercial space. The rehabilitation is expected to begin in the Spring of 2027 and be completed by the end of 2028.
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Somerville Apartment Portfolio Sale Sets Pricing Benchmark
Matthews represented the seller in the disposition of the Kingsley Orchard Realty Portfolio, located at 18 Day St., 49 Dover St. and 123 Orchard St. in Somerville, MA. VP Nick Jasinski facilitated the $39,000,000 transaction, reportedly the largest multifamily portfolio sale in the Davis Square submarket within the past 15 years. The buyer was not...
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Kennedy Wilson Eyeing School Site for Denver Apartment Community
Kennedy Wilson is pursuing a seven-story, 242-unit apartment development on Federal Boulevard, where the Family Star Montessori School stands today. The school plans to move to a nearby location in Lakewood. It needs the cash from the sale to Kennedy Wilson to facilitate the move. The Denver Business Journal reports the school bought the property...
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Endeavor Closes on $210M Texas-Centric CRE Fund
Endeavor Real Estate Group, an Austin-based investment and development firm, closed a $210 million private equity fund. Fund managers say the fund will have a particular focus on Texas. The fund will also be invested in a handful of other Sun Belt towns, such as Nashville, Charlotte and Salt Lake City. The $210 million fund is anticipated...
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout