RICHMOND, Va. — Interested buyers whose chances were foiled after a high-profile auction have a renewed opportunity to grab a piece of River City Renaissance.
Months after a deal finally closed following a tumultuous auction process, a handful of properties in imprisoned local developer Billy Jefferson’s massive real estate portfolio have been relisted by their new owners, the Boston-based Davis Cos. and local firm Spy Rock Real Estate Group.
The two companies, which worked in partnership to close on the deal, have listed seven properties: four apartment buildings and three single-family homes on Monument Avenue that were converted into apartments.
The properties are part of Jefferson’s two portfolios, River City Renaissance and River City Renaissance III, which consist of 29 apartment buildings and 440 units throughout the Fan and Museum District.
The property at 2217 Monument Ave. has been put on the market. Photos courtesy of Robb Moss, The Steele Group Sotheby’s International Realty.
Jefferson is currently imprisoned for historic tax fraud and is appealing his 20-year sentence.
The owners closed on the portfolios in late April after a five-month saga that followed a credit bid from U.S. Bank, the winner of a highly publicized auction.
“I think there will be a lot of folks who were interested during the auction and, as it turned out, maybe didn’t have the opportunity to really be in a position to acquire them,” said Andrew Basham, principal with Spy Rock. “So I think the level of interest is high.”
The four apartment buildings currently listed are the three-unit 622 N. Boulevard; the five-unit 2700 W. Grace St.; the nine-unit 2215 Monument Ave.; and the Lord Fairfax building at 3115 Monument Ave., which has 34 units.
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