The purchaser will acquire the General Partner interest in 110 South Perry Street, LLC, the entity that owns and operates The Petersburg ArtistSpace Lofts—a premier, top-tier asset located in the heart of historic Petersburg, VA. This 226-unit, mixed-use property seamlessly combines residential and commercial opportunities, creating a vibrant and diverse living and business community. The subject asset is a historic renovation of a Brown & Williamson manufacturing facility comprised of 17 acres, all which have been rehabbed by the principles.
The residential portion of the property features a wide range of living options, including predominantly one and two-bedroom units, with additional efficiencies to cater to varying tenant needs. The building serves a broad tenant base by offering affordable housing while adhering to rent restrictions. Additionally, the ownership has implemented an income-average leasing method, ensuring rents are affordable across various income levels while maintaining an average income cap at or below 60% AMI.
Commercial tenants include vital local services such as a bank, a deli, and a local law enforcement office, providing essential conveniences to both residents and the surrounding community.
• Top-of-Class Asset in an Emerging Area with Strong Market Fundamentals
• LIHTC Property with Class A Finishes and Amenities
• Diverse Tenant Base with Income Averaging Leasing Strategy
• Healthy near to long term Internal Rate of Return (IRR)
• Mixed-Use Asset with Complementary Commercial Tenants