Museum District Landmark Goes on the Block
- Jul 05, 2015
A century-old school-turned-apartment building in Richmond’s Museum District is on the auction block.
Richmond BizSense reports that the Lee School Lofts, a 40-unit apartment building located at 3101 Kensington Ave., was put up for sale last week. The owner, Texas-based Lee School Lofts L.P., is asking $8 million. Real estate website PropertyShark lists the current market value of the Lee School Lofts at about $5.9 million.
Built in 1917 as the Robert E. Lee School, the 55,000-square-foot property was converted to an apartment building in 2002 by Miller & Associates, a local developer. It offers one-, two-, and three-bedroom lofts.
Wink Ewing, Mike Marshall and Drew White, all of ARA Mid-Atlantic, have been retained to sell the Lee School Lofts. Ewing told Richmond BizSense that, although the property’s current occupancy is 97.5 percent, that rate is the result of a move-out week. Occupancy is expected to return to 100 percent by the end of the marketing period. He added that the next owner will have the opportunity to redevelop the property as condominiums.
Photo credit: Monroe Properties