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Real Estate

New owners for old school

Richmond BizSense has the details on the recent sale of the Lava Lofts building for $8,270,000:

B.R.J. Enterprises, a Keswick-based company headed by Susan and Dennis Ould, landed in the Richmond market last month after buying Church Hill’s Lava Lofts apartments from local estate company Fulton Hill Properties.

The deal closed on Feb. 21, nearly nine months after the Oulds cut ties with the New York market to relocate their business to Virginia, where they have lived for more than five years.

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15 comments

Jeanne 03/07/2014 at 9:15 AM

Why did they sell?

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laura 03/07/2014 at 9:35 AM

Congratulations to Fulton Hill and Margaret! This building is great for the neighborhood…welcome Susan And Dennis! Hopefully, Margaret will pursue the Oakwood development at the end of Marshall.

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Michelle 03/07/2014 at 11:33 AM

Why would they sell so early?

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Clay Street 03/07/2014 at 2:45 PM

My understanding of such things is pretty limited, but I didn’t think a developer could sell a tax-credit project so soon after completion?
Very cool that these people think Church Hill is so prime for investment, nice compliments in the article!

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laura 03/07/2014 at 3:34 PM

@1&3…$8.2million would make anyone reconsider their original intention…at $186/sqft, that’s a premium price for the building. Take the money and run!

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Houdon 03/07/2014 at 4:28 PM

To put the cash toward doing Oakwood!

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Bryan 03/07/2014 at 10:36 PM

@Clay Street – the State credits allow for building sale upon completion; its only the Federal credit program that mandates that the property not be sold for five years.

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Clay Street 03/08/2014 at 8:09 AM

Thanks for the info Bryan, didn’t realize that restriction didn’t apply to the state credits.

Do you think that means she anticipated selling quickly since she didn’t go for the federal credits from the start?

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Michelle 03/08/2014 at 9:02 PM

Perhaps the new owner will invest in making sure I don’t have to hear my neighbor belching from my bedroom.

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Eric S. Huffstutler 03/08/2014 at 10:56 PM

Wish they would have left the original chimneys on the building.

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Like video games? Come out for GameTruck at Lava Lofts this Saturday ‹ CHPN 07/29/2014 at 8:42 PM

[…] and Dennis Ould, the new owners of Lava Lofts, have set up something fun on […]

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