Davis Cos. Acquires 29 Apartment Buildings in Virginia, Plans Rehab

By Dees Stribling, Contributing Editor

Richmond, Va.—The Davis Cos. (TDC) has acquired the River City Renaissance portfolio in Richmond for over $37.3 million. The portfolio consists of 29 residential buildings with 441 apartments located in the city’s Fan and Museum districts, which is one of the largest intact 19th- and early 20th-century neighborhoods in the country.

According to TDC, the buildings are in need of significant renovation. The company thus plans to do exterior and interior improvements to the residences, with work beginning immediately and slated for completion by the summer of 2016.

TDC is partnering with Richmond-based Spy Rock Real Estate Group to redevelop 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 buildings, but also new residential properties.

The deal marks TDC’s entry into the Richmond market. TDC owns and manages commercial and residential properties in the East, including Washington, D.C., and has a long history of repositioning historic commercial office buildings and multifamily properties.

For example, the company recently redeveloped Woodfield Crossing, a 662-unit apartment community in Rolling Meadows, Ill. It’s also currently at work transforming Pittsburgh’s landmark Union Trust Building, a 500,000-square-foot office building dating from 1915, into a mixed-use structure.