Tazewell Sells Virginia Apartment Building for $15M

The community is located in the center of downtown Roanoke.

Gramercy Row Apartments. Image courtesy of Cushman & Wakefield

Gramercy Row Apartments. Image courtesy of Cushman & Wakefield

Tazewell Development has completed the $14.6 million sale of Gramercy Row Apartment Residences, an 82-unit mixed-use apartment community located at 206 Williamson Road SE in Roanoke, Va. Cushman & Wakefield’s Roanoke-based Thalmier Capital Markets Group represented Tazewell in the transaction. The property was acquired by a private investor.

Gramercy Row was constructed in 2017 and was built and designed by Branch Builds and Balzer & Associates, respectively. The development totals 92,000 square feet and offers a mix of one- and two-bedroom living arrangements, which feature kitchen islands with granite countertops and wooden cabinets, plank flooring and Energy Star-certified appliances, according to the community’s website. Other amenities include ground floor retail space, state-of-the-art fiber optics, a fitness center, landscaped courtyards with communal grilling areas as well as self-storage units. The property is situated in the heart of downtown Roanoke, within walking distance of many of the city’s retail, dining and entertainment attractions, in addition to its many public parks.

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Senior Director Anthony Liberto, Managing Director Jorge Rosa of Cushman & Wakefield’s Mid-Atlantic team and Certified Commercial Investment Member Clay Taylor of Thalmier completed the sale’s negotiations on behalf of Tazewell.

The sale of Gramercy Row is the fist of a newly-constructed multifamily in downtown Roanoke in decades, according to Taylor. Another recent multifamily sale in the region is The Linden Property Group’s sale of The Village at Stoneybrook, a 256-unit development in Newport News.

The Mid-Atlantic stabilizes

Overall, multifamily in cities across the Mid-Atlantic continues to regain its footing. All four metros in the region have seen occupancy rates in excess of 96 percent, with nearly all of Virginia’s submarkets seeing significant expansion to their inventory  with  56,669 units being delivered alongside a 210-basis point decrease in its unemployment rate, according to data from a second quarter 2022 report from Newmark. Much of this is driven by stable federal and state employment opportunities, as well as the financial and business sectors, the report shows.

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