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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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Like video games? Come out for GameTruck at Lava Lofts this Saturday ‹ CHPNEric S. HuffstutlerBryanLeslie BasingerCorey Lane Recent comment authors

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Jeanne
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Jeanne

Why did they sell?

laura
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laura

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.

John Wise
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John Wise liked this on Facebook.

Michelle
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Michelle

Why would they sell so early?

Anthonys Onthehill Resturant
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Anthonys Onthehill Resturant liked this on Facebook.

Clay Street
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Clay Street

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!

laura
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laura

@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!

Houdon
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Houdon

To put the cash toward doing Oakwood!

Corey Lane
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Corey Lane liked this on Facebook.

Leslie Basinger
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Leslie Basinger liked this on Facebook.

Bryan
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Bryan

@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.

Clay Street
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Clay Street

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?

Michelle
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Michelle

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

Eric S. Huffstutler
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Eric S. Huffstutler

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

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