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120 Perry StPetersburg, VA 23803
Petersburg ArtistSpace Lofts
Asset ClassMultifamily
# Units226
overview of deal

Overview

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.

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Investment Highlights

• 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

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120 Perry StPetersburg, VA 23803

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Listing provided by Revere CRE