Richmond, VA, September 2nd, 2021 – Colliers International in Virginia (“Colliers”) is pleased to announce the sale of the iconic Caravati’s building located at 104 E 2nd Street in Richmond, Va (the “Property”) for $2.025 million.
The Caravati building is one of the final development opportunities in the Manchester submarket of Richmond. Plans for the Property include a historic rehabilitation to develop 42 multifamily units from its existing 38,000 square foot, two-story structure. Construction is expected to begin in Q32021.
The Property is located at the corner of 2nd, Decatur, and Stockton and offers immediate access to Interstates 64, 195, and 95.
Charles Wentworth, Garrison Gore, Hank Hankins, Victoria Pickett, and Matt Anderson, represented the seller, Recent Ruins, LLC. The buyer was 104 E 2nd St, LLC.
Communications Specialist, Virginia and Raleigh, NC