Downtown Richmond Apartment Building Changes Hands

Another Richmond apartment building has changed hands this summer.
Grace and Monroe Apartments

Grace and Monroe Apartments

Another Richmond apartment building has changed hands this summer.

The Grace and Monroe Apartments is the latest property to sell in the hot Richmond multifamily market. Levco Realty Group, a company run by two Richmond natives, Jared Levin and Max Comess, purchased the asset for $6.4 million, according to the Richmond BizSense. The deal, which closed on August 19, represents the company’s third and largest acquisition in the city since 2013.

Levco purchased the Grace and Monroe Apartments from Clachan Properties, which was represented in the transaction by Tom Rosman of One South Realty. The former owner did not market the building publicly.

The 57-unit apartment building is located at 401 W. Grace St., in Richmond’s downtown, just two blocks from the VCU School of Business and School of Engineering. It was originally constructed in 1911 and for many years served as a hospital. Clachan purchased the property in 2004 and turned it into an apartment building with studios, one-, two- and three-bedroom units. According to the former owner’s website, rents at the Grace and Monroe Apartments start from $695 per month for a studio and can go as high as $1,185 per month for a three-bedroom unit. Richmond BizSense reported that the property was fully leased at the time of the sale.

Photo credit: Clachan Properties