The Davis Companies acquires River City Renaissance Apartment Portfolio for $37.35m
Richmond, VA — The Davis Companies (TDC) announced its $37.35 million acquisition of the River City Renaissance portfolio. The portfolio consists of 29 residential buildings with 441 apartments located in Richmond’s Fan and Museum districts, the city’s most desirable residential areas and one of the largest intact 19th and early 20th century neighborhoods in the country.
This purchase marks TDC’s first entry into the Richmond market. TDC owns and manages commercial and multifamily properties in the East, including Washington, DC, and has a long history of repositioning historic commercial office buildings and multifamily residences throughout the Eastern US.
The Davis Companies’ managing director, and Richmond native, Quentin Reynolds said, “We’re delighted to be able to enter the Richmond market by identifying these ideally located properties in a unique distressed situation. We are eager to bring our expertise to the area with this distinctive opportunity to reposition buildings with such historic appeal and intrinsic quality.”
The buildings are in need of renovation. TDC plans to invest significant capital in order to perform exterior and interior improvements to the residences. Work is scheduled to begin immediately and be fully complete by summer 2016. TDC is partnering with Richmond based Spy Rock Real Estate Group to develop and operate the residences. Spy Rock and its principals, Andrew Basham and Taylor Williams, have developed over 2,500 multifamily units in Virginia including large-scale renovations of historic era buildings and new luxury communities.
Andrew Basham said, "This is truly irreplaceable real estate. The continued growth of the Midtown Richmond area coupled with its high barriers to entry make this project especially unique. We are pleased to have the opportunity to work with The Davis Companies and to continue our partnership with Bonaventure.”
The residences are currently 70% occupied. TDC has appointed Bonaventure Property Management Services as the onsite property manager.