Marcus & Millichap is pleased to present The Wedge at Courtyard Lofts in Richmond, Virginia. Built in 1873, the historic building in 2008, was renovated into luxury apartments by Main Street Realty. The property consists of 54 market rate apartment units and one commercial unit. Retail makes up the first floor of the building and floors two through nine are apartments units. The apartment unit mix consists of one bedroom and one bath units; two bedroom and two bath units; two bedroom and two and a half bath units; and three bedroom and three bath units. All apartment units offer modern amenities and condo quality finishes, such as granite countertops, maple wood floors, and dramatic historic features.
The lofts sit in the Downtown Richmond Financial District, just one block away from the State Capitol. This location is a central urban area of the city. Downtown is bound by Belvidere Street to the west, Interstate 95 to the north and east, and the James River to the south. The area provides tenants with night-life, dining, shopping and offices within walking distance. Tenants have quick access to workplaces within Richmond and the surrounding area. The employment density is above average within a one mile radius of the property. The entertainment district of Richmond, Virginia, Shockoe Bottom, sits just one block south of the property. Plans for this area include restaurants, outdoor event space, and hotels. The prime location and high quality units of the property allow for premium rents. The rent includes all utilities, including cable and internet. With some minor management and utility structure changes, The Wedge offers buyers an opportunity to take an under-performing property and create a stable cash-flowing asset.
