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29 Richmond apartment buildings go up for auction

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Posted at 9:47 AM, Dec 15, 2014
and last updated 2014-12-15 09:49:05-05

RICHMOND, Va. — After putting one high-profile deal behind it last week, a local auction house has the sale of its life coming up this week.

Motleys Asset Disposition Group has received the first round of bids for the upcoming auction of the real estate holdings of imprisoned developer Billy Jefferson’s River City Renaissance portfolio.

It’s a massive trove of 29 apartment buildings in the Fan and Museum District with 440 units totaling 405,000 square feet.

The properties will be auctioned Dec. 18 to a group of final bidders currently being determined from an initial bidding round that ended on Dec. 10.

Based on the properties’ assessed value at between $30 million and $40 million, Motleys President Mark Motley said it’s potentially the biggest single real estate auction in Richmond’s history.

“This is one of the biggest auctions Richmond has ever seen,” he said.

Read more about this on RichmondBizSense.com.