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Conserve Holdings Acquires Multifamily Asset From Mercer Street In Richmond For $19.5M

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SOLD
$19,500,000

Virginia

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MultiFamily92,244 SF
Sold 11/14/2024
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Property Image
SOLD

Conserve Holdings Acquires Multifamily Asset From Mercer Street In Richmond For $19.5M

2017 Brook Road

See Similar Deals
MultiFamily92,244 SF
Sold 11/14/2024
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Summary

VIRGINIA
Asset Type:MultiFamily
Price Per Square Foot:$211
Total Square Footage:92,244 SF
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 2017 Brook Road, Richmond, VA. The sale price is $19,500,000, which reflects a price per unit of $189,320 across 103 units. The total square footage of the property is 92,244, resulting in a price per square foot of $211.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $19,500,000
  • Address: 2017 Brook Road
  • Market: Richmond, VA
  • Units: 103
  • Price per Unit: $189,320
  • Square Footage: 92,244
  • Price per Square Foot: $211
  • Buyer: Conserve Holdings
  • Seller: Mercer Street
  • Brokers: Jonathan Brody, Ari Sokol & Michael Schattner - Base Realty Group

This transaction features key individuals from Base Realty Group, with Jonathan Brody, Ari Sokol, and Michael Schattner representing the parties involved. Their roles as brokers facilitated the successful execution of the deal between Conserve Holdings and Mercer Street.

Players

Jonathan Brody
48 deals$1.7B volume(516) 507-0193
BROKER

Michael Schattner
Base Realty Group
24 deals$677.6M volume(917) 805-8730
BROKER

Ari Sokol
Base Realty Group
4 deals$99M volume
BROKER

Details

SOLD
IMAGE: Jonathan Brody, Michael Schattner & Ari Sokol DATE: 11/14/2024 ADDRESS: 2017 Brook Road MARKET: Richmond, VA ASSET TYPE: Multifamily BUYER: Conserve Holdings SELLER: Mercer Street BROKERS: Jonathan Brody (@JonathanJBrody), Ari Sokol & Michael Schattner (@Michael_SchattnerNYC) - Base Realty Group SALE PRICE: $19,500,000 UNITS: 103 ~ PPU: $189,320 SF: 92,244 ~ PPSF: $211

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,039,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$69,279.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$92,439.95
Annual Debt Service$1,109,279.38