Broad Street Realty to Acquire Virginia Community for $122M
The investor previously served as the asset’s development manager.
Midtown Row. Image courtesy of Broad Street Realty
Broad Street Realty is planning to expand its footprint in Virginia with the acquisition of a mixed-use student housing property that’s fully occupied. The company announced it will acquire Midtown Row in Williamsburg, Va., from an undisclosed seller for $122 million. The acquisition is expected to close by the end of the second quarter of this year and is subject to customary closing conditions.
The 240-unit community totals 620 beds and includes one-, two-, three- and four-bed fully furnished units that range from 732 to 1,318 square feet. The units were built with smart thermostats, soundproof walls, keyless locks and full size washers and dryers. Midtown Row’s amenities include a lounge, sports bar, fitness center, coffee bistro, recreation center, media room, gaming room, mail room, 24/7 library and a pool with hot tubs.
Michael Jacoby, chairman & CEO of Broad Street Realty, said in prepared remarks that Broad Street Realty had previously served as development manager for Midtown Row and currently serves as the property manager and the leasing broker for the community’s retail portion. While the residential portion is fully leased, Midtown Row still has 70,000 square feet of its 230,935 square feet of total retail space available, Hannah Warner, marketing and events coordinator for Broad Street Realty, told Multi-Housing News.
Located at 221 Monticello Ave., Midtown Row is within walking distance to The College of William & Mary. Residents can also get on the nearby Interstate 64 which connects to major Virginia cities like Richmond to the north and Norfolk to the south.
RETAIL, RESTAURANTS AND RESIDENTIAL
Midtown Row is also part of a larger mixed-use development in downtown Williamsburg that’s being developed by Broad Street Realty, Bridger Corp. and Lamont Street Partners. The site plan includes 10 buildings with retail, residential, office and entertainment uses. So far, the development has landed a variety of tenants, including ACE Hardware, FedEx, Marshalls and several restaurants and entertainment options.
After the deal closes, Midtown Row will represent Broad Street’s fifth active property in Virginia. The company’s Virginia portfolio also includes two shopping centers in Richmond and one in Harrisonburg. Overall, Broad Street Realty has sixteen properties in its portfolio, including properties in the Washington, D.C., metro and the Denver market, which is one of the top 10 multifamily markets buying permits, according to a recent outlook by NAHB.
