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Preston Court Apartments Sell for $7.5 Million

Sep 22, 2016

Posted on 9/21/2016 on NBC29.com

Press Release from Commonwealth Commercial: (Seller)

Charlottesville, VA – September 21, 2016 – Commonwealth Commercial Partners, LLC is pleased to have facilitated the sale of Preston Court, a stately 35-unit apartment building located at 1600 Grady Avenue. It was originally constructed in 1928 and listed on the National Register of Historic Places. Built in the Classical Revival style, it boasts two two-story, five bay Ionic porticos…

Press Release from Neighborhood Properties, Inc. (Buyer)

Charlottesville, VA, – 21 September 2016- Today, Richard T. Spurzem, owner of Neighborhood Properties, Inc., announces his purchase of the Preston Court Apartments at 1600 Grady Ave. from the Hartman family to Neighborhood Investments – PC, LP. The $7.5m transaction included a vacant and dilapidated historic house and seven townhouse lots on Preston Place. The property generated interest and offers from across the country. The deal was brokered by the Richmond office of Commonwealth Commercial…

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