Fifty percent interest in High Bridge Lofts sold
Through LU Seven LLC, Walk2Campus has sold a 50 percent interest in its High Bridge Lofts at 312 W. Third St. to Burton Farmville Holdings LLC for nearly $1.294 million.
The transaction was recorded in the Prince Edward County Circuit Court Clerk’s Office in December.
A separate transaction, yet to be published, will also include the future Longwood University Barnes & Noble bookstore and above-retail apartments at 200 N. Main St. That transaction will involve LU Nine LLC, a similar limited liability corporation to LU Seven LLC.
“We now have a 50/50 partnership with Burton Farmville Holdings LLC (another investor we work with) in the ownership of the two buildings,” said Walk2Campus CEO Matt King. “The transactions you are seeing in the records are those which effect the sale of a 50 percent interest in both these buildings to Burton Farmville Holdings LLC.”
With the transactions, King said, Walk2Campus is forming two new entities to hold the real estate in the new partnerships. They will be, respectively, High Bridge Lofts LLC and 200 N. Main LLC.
“We needed to move the real estate into these new entities to accommodate the new ownership structure and facilitate bank financing arrangements,” King said.
Both properties are slated to open in August. High Bridge Lofts is being renovated into 18 one-, two- and three-bedroom apartments. In a previous interview, King said the properties will rent for between $640 and $975 per month, with internet, cable TV, parking and water included. Each apartment will have a full kitchen, central air and heat, in-unit washers and dryers and hardwood floors.
In late November, King said Walk2Campus was also planning for additional housing on the old W.C. Newman site next to High Bridge Lofts. Around the same time, the Longwood University Real Estate Foundation purchased a portion of the Newman site, along with the neighboring Buffalo Shook Co. Inc. property, for the university’s future baseball field.
King said Walk2Campus still plans on creating additional housing on the portion of the Newman site it’s retained.