Historic Richmond High-Rise Sells for $39M

Built in 1913, the 19-story First National Bank building was the city's tallest tower at that time. In 2012, its owner converted the property into a 154-unit community.
First National Bank Apartments

In a $39.3 million deal, Rushmark Properties has sold First National Bank Apartments, one of the tallest buildings in Richmond, Va. According to public records, an entity managed by Gates Hudson acquired the asset. In 2012, the former owner converted the 100-year old bank building into a 154-unit Class A community.

Located at 823 E. Main St. in downtown Richmond, the 19-story tower was the tallest building in the city at the time of its completion in 1913. The site is across the street from State Capitol, providing easy access to various employment, retail, dining and entertainment options.

According to Yardi Matrix, the community encompasses 15 studio, 85 one-, 37 two- and five three-bedroom units, as well as 12 penthouses. In May, occupancy reached 95 percent. Community-amenities include:

  • fitness center
  • valet dry cleaning service
  • gated garage parking
  • game room
  • controlled access

According to the Richmond BizSense, the building was listed for sale back in February. Rushmark Properties selected CBRE to manage the sale process. In January, CBRE brokered the sale of another Virginia community, when a joint venture of EBEX Holdings and FriedLam Partners purchased a 244-unit affordable property in Roanoke.

Image courtesy of Yardi Matrix