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Urban Generation Living Acquires 34-Unit One Monument Ave. Apt. Complex

NY-Based Developer Pays $11.4M for Three-Bldgs. in Downtown Richmond
February 16, 2018
Urban Generation Living, a development company based in New York, acquired the 34-unit One Monument Ave. apartment complex in Richmond from a private investor for $11.35 million, or approximately $334,000 per unit.

The complex consists of a six-story apartment tower, a three-story office building and a four-story parking deck.

One Monument Ave. made its debut at 413-421 Stuart Cir. in 1913 as a hospital, but was converted into luxury apartments and offices in 2001. The mid-rise apartment building comprises two-, three- and four-bedroom units. The office structure is leased to tenants including CB Richard Ellis, Monument Restaurant Group and Virginia Center for Policing.

The buyer confirmed plans to upgrade the interior, exterior and to convert the apartment building into condominiums. One Monument Ave. will also have a fourth-floor terrace overlooking Stuart Cir. Renovations should start in the next couple of months, according to Raphael Cohen of Urban Generation Living.

Martin Blum and Bruce Milam of Colliers International, along with Jackie Noel of Joyner Commercial, represented the seller.

Please see CoStar COMPS #4133830 for more information on this transaction.
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