December 2021 property transactions: Pavilion at North Grounds sells for $113 million; New owner of the Marriott Residence Inn on West Main

For each of the past 12 months, I’ve kept a regular record of property transactions in Charlottesville and I’ve posted what I come across for people to see. I’m not a real estate agent, but I’ve written about land use for many years. The best way to stay on top of things is to look at all of the details 

The biggest land use story in 2021 in Charlottesville has been the adoption of a Comprehensive Plan in November that seeks to increase residential density across the city. Some have speculated that would add to the cost of property within the city, especially the land value. There have been some spectacular examples of people paying for houses way over the 2021 assessment. How big will the assessments be in 2022? 

This post doesn’t seek to identify any trends, but is intended to spark conversations rooted in the actual of what’s happening, transaction by transaction.  Some starters:

  • What does Piedmont Housing Alliance intend to do with houses purchased on Prospect Avenue in Fifeville? 
  • What are the plans for the multiple properties built in the 800 block of East Jefferson by an LLC with the word “assemblage” in the title?
  • What will the University of Virginia Foundation do with the Ivy Square Shopping Center? 

I will continue this in 2022 and hope to expand the utility. I’m made of questions. 

December 1, 2021

  • A four bedroom house on Valley Road in the Jefferson Park Avenue neighborhood sold for $585,000. That’s 47.1 percent over the 2021 assessment. The water laterals were replaced in June 2020 according to a search of the city’s building permits. The structure sits on 0.3 acres and the house was built in 1940. 
  • A 1,300 square foot condominium with two bedrooms at 200 Douglas Avenue in the Belmont neighborhood sold for $625,000, or 61.29 percent over the 2021 assessment. There do not appear to be any new renovations for the unit. The building was constructed in 2004 as part of a Planned Unit Development. 
  • A new three-bedroom home on Pen Park Lane in the Locust Grove neighborhood sold for $769,545. The 0.131 acre was assessed at $70,000 for the past two years. Arcadia Builders purchased the lot in May for $178,250. 
  • The Piedmont Housing Alliance purchased three units across one and a half duplexes in the 700 block of Prospect Avenue, all from three limited liability companies that have the same registered agent. 
    • 737 Prospect Avenue sold for $211,265, which is 46.2 percent over the 2021 assessment. This unit had a front porch built on it in 2012. 
    • 735 Prospect Avenue sold for $150,000, which is 12.28 percent over the 2021 assessment. 
    • 733 Prospect Avenue for $144,000, which is 7.78 percent over the 2021 assessment. 
  • A two bedroom house in the 500 block of Elliott Avenue sold for $225,000, which is 2.81 percent below the 2021 assessment. The house was built in 1947. 
737 Prospect Avenue (Credit: City of Charlottesville)

December 2, 2021

  • A four bedroom house in the 1000 block of Locust Avenue sold for $1 million, which is 29.4 percent over the assessment. The land is 0.746 acres and the home dates back to 1900. 
  • A former bank building on Emmet Street that now houses a Starbucks sold for $3.85 million. That’s 114.66 percent over the 2021 assessment. 
  • A three bedroom house on Greenbrier Drive built in 1962 sold for $452,700, which is 31.33 percent over the 2021 assessment. The former bank building is now a Starbucks. (Credit: City of Charlottesville)

December 3, 2021

  • A 787 square feet apartment building in the complex at 1800 Jefferson Park Avenue Extended with two bedrooms sold for $210,000. That’s 12.72 percent over the 2021 assessment. 
  • A five bedroom house in the 2700 block of McElroy Drive in the Fry’s Spring neighborhood sold for $390,000. That’s 37.66 percent over the 2021 assessment, and there do not appear to be any recent building permits. The purchaser is an entity called 2730 McElroy LLC. 
  • A two bedroom house in the 1400 block of Rugby Avenue sold for $360,000, which is 28.62 percent of the 2021 assessment. The purchaser is an entity called 1453 Rugby LLC. The registered agent for the entity is the same as the above transaction. 

December 6, 2021

  • A three bedroom townhouse built in 2019 on Junction Lane in Belmont sold for $400,000. That’s 26.18 percent over the 2021 assessment. 

December 7, 2021

  • A two bedroom house built in 1920 on Hartman’s Mill Road in the Ridge Street neighborhood sold for $275,000, which is 56.87 percent over the 2021 assessment. The structure sits on nearly a quarter acre. While there’s no building permit in the system, realtor.com promotes a FULLY EAT-IN KITCHEN with BRAND NEW QUARTZ COUNTERTOPS and so on. They did the caps, not me. 
  • A pair of undeveloped lots on Hartman’s Mill Road in the Ridge Street neighborhood sold for $304,000 to a firm called Hartman’s Mill LLC. In July, these lots and a third sold for $435,000 to Evergreen Home Builders. Evergreen retained the third lot. This transaction is 63.29 percent over the 2021 assessment. 
  • A home built in 1949 in Belmont in the 200 block of Palatine Avenue sold for $350,000. That’s 72.5 percent over the 2021 assessment. Charlottesville’s records say they are two bedrooms, but realtor.com says there are three. There are no building permit records in the city’s database, but realtor.com advertises it as a “completely renovated home.” The previous owner was Hillside Construction and Remodeling, who purchased the property in May 2021 for $220,000. That transaction was 8.43 percent over the 2021 assessment. 
  • A three bedroom house in the 1000 block of Park Street sold for $466,000. That’s 21.7 percent over the 2021 assessment. The building was constructed in 1968. The previous owner made several improvements over the years, including a new carport, rooftop solar, and new sewer laterals. 
  • A four bedroom house on Westwood Road in the Barracks/Rugby neighborhood sold for $875,000. That’s 57.74 percent over the 2021 assessment. That could be explained by work put into the house by the previous owner, including a new freestanding car port in 2015, new sewer laterals in 2017, and solar system installed in 2019. 

December 8, 2021

  • A four bedroom house on Denice Lane in the Greenbrier neighborhood sold for $396,500. That’s 12.61 percent over the 2021 assessment. This property is very close to the border with Albemarle County. 

December 9, 2021

  • A 3,150 square foot unit in the condominium complex at 202 Douglas Avenue sold for $1.7 million. That’s 12.76 percent over the 2021 assessment. 
  • A three bedroom house on Fairway Avenue in the Woolen Mills neighborhood sold for $340,000. That’s 29.28 percent over the 2021 assessment. 
  • A three bedroom house on Tarleton Drive in the Greenbrier Drive sold for $310,000, which is 9.62 percent below the 2021 assessment.
  • A six bedroom house that could be configured with a basement apartment on Hanover Street sold for $415,000. That’s 35.27 percent over the 2021 assessment for this Fry’s Spring property.  

December 10, 2021

  • A five bedroom house on Sunset Road in the Fry’s Spring neighborhood sold for $265,000. That’s twenty percent below the 2021 assessment. The purchaser is Hankster Properties LLC. 
  • An apartment building on Cabell Avenue in the Venable neighborhood sold for $1.1 million. That’s 6.66 percent below the 2021 assessment. The purchaser is Neighborhood Investments LLC. 
  • A six bedroom house in the 800 block of Avon Street in the Belmont neighborhood sold for $510,500. That’s 19.42 percent over the 2021 assessment. 
  • A four bedroom house on Forest Ridge Road in the Fifeville neighborhood sold for $470,000. That’s 28.8 percent over the 2021 assessment. The only item that shows up in a search of building permits is a water heater replacement in 2017.

December 13, 2021 

  • A three bedroom house on Hilton Drive in the Fry’s Spring neighborhood sold for $294,000. That’s 2.71 percent below the 2021 assessment. 
  • The Marriott Residence Inn on West Main Street has sold for $21.7 million to a firm with the easy to remember title NF IV-VA SSCI CHARLOTTESVILE, LLC. That price is 9.23 percent below the 2021 assessment and 23.77 below the 2020 assessment. The assessments of hotel properties were lowered in 2021 following a difficult year for the industry. 
  • An 829 square foot unit in the Monticello Overlook apartment complex sold for $207,000. That’s 15.97 percent over the 2021 assessment. 
  • A three bedroom townhouse on Junction Lane in the Belmont Station development sold for 19.7 percent over the 2021 assessment. The unit was built in 2018 on property zoned B-2. 
  • A four bedroom house in the 900 block of Belmont Avenue sold for $1.07 million, which is 61.54 percent over the 2021 assessment. The previous owner purchased the house in June 2015 for $420,000 and proceeded to put a lot of work into it. That included an addition with a new bedroom, new plumbing, and a new heat pump. Those improvements were reflected in a higher assessment in 2020. 
  • A three bedroom house on Riverside Avenue in the Woolen Mills neighborhood sold for $268,000. That’s 20.67 over the 2021 assessment. 
There’s a new owner for the Marriott Residence Inn (Credit: City of Charlottesville)

December 15, 2021

  • A firm associated with the University of Virginia Foundation has purchased the Ivy Square Shopping Center for $20 million. That’s 125.95 percent over the 2021 assessment. 
  • A newly-constructed three bedroom house built on Lochlyn Hill Drive in the Locust Grove neighborhood sold for $835,203. Earlier this year, Arcadia Builders purchased the 0.158 acre lot for $140,000. 
  • A two bedroom house on Oakleaf Lane in the Barracks / Rugby neighborhood sold for $350,000. That’s 16.05 percent over the 2021 assessment. 
One portion of the Ivy Square Shopping Center (Credit: City of Charlottesville)

December 16, 2021

  • A four bedroom house on 3rd Street NE in the North Downtown neighborhood sold for $800,000. That’s 13.55 percent below the 2021 assessment. 
  • A 1,250 square foot unit in the Gleason Building on Garrett Street sold for $740,000. That’s 21.45 percent over the 2021 assessment. The unit was completed in 2010.
  • A four bedroom house on Shamrock Road in the Fry’s Spring neighborhood sold for $425,000. That’s 19.28 percent under the 2021 assessment. 

December 17, 2021

  • A 1,416 square foot unit with two bedrooms in the residential complex at 202 Douglas Avenue in Belmont sold for $610,000. That’s 35.23 percent over the 2021 assessment. 
  • A four bedroom house in the 1100 block of Rugby Road sold for $685,000. That’s 23.33 percent over the 2021 assessment. 
  • A four bedroom house in the 400 block of Moseley Drive in the Fry’s Spring neighborhood sold for $305,000. That’s 0.46 below the 2021 assessment. 
  • A two bedroom house on 8th Street NE in the North Downtown neighborhood sold for $425,000. Zaki Property LLC paid 16.15 percent over the 2021 assessment for the 0.13 acre lot. 
  • A three bedroom house on Marie Place in the Greenbrier neighborhood sold for $93,725. That’s 75 percent below the 2021 assessment. 
  • A three bedroom house in the 1600 block of Rose Hill Drive sold for $360,000. That’s 5.66 percent over the 2021 assessment. 
  • Several commercial properties on East Jefferson Street sold for $5.2 million to a firm with the name East Jefferson Assemblage LLC. That traces back to the Building Management Company through their BMC Holdings Group.  The transactions total 2.76 percent below the 2021 assessment. These properties are just to the north to city-owned land at the corner of 9th Street and East Market where the Guadalajara and the Lucky Seven stand. In all, six properties are now owned by that company, including:
    • The Hantzmon Wiebel building 
    • A former barber’s shop 
    • The former Western Union 
    • Three units in a commercial building at 802 East Jefferson Street
This former barber shop is one of the properties purchased by East Jefferson Assemblage LLC for $5.2 million. (Credit: City of Charlottesville)

December 20, 2021

  • A two bedroom house on 12th Street NW in the Venable neighborhood sold for $347,333. That’s 16.99 percent over the 2021 assessment. 
  • A 1,200 square foot unit in the McGuffey Hall condominium complex sold for $630,000. That’s 47.64 percent over the 2021 assessment. 
  • A townhouse in the complex at the end of the 800 blocks of Rock Creek Road in Fifeville sold for $357,000. That’s 12.55 percent over the 2021 assessment. The unit was built in 2010 as part of a planned unit development called Rock Creek Village that was rezoned in 1985 but not built for 25 years. 
  • A three bedroom house built in 1907 in the 300 block of 5th Street SW in Fifeville sold for $480,000. That’s 37.26 percent over the 2021 assessment. 
  • A three bedroom house on Kerry Lane in the Greenbrier neighborhood sold for $530,000. That’s 27.71 percent over the 2021 assessment. 
  • A four bedroom house on Hampton Street in the Belmont neighborhood sold for $340,000. That’s 32.45 percent over the 2021 assessment. The listing on Realtor.com states the house was remodeled in 2018. 
  • A two bedroom townhouse built on Druid Avenue that fronts Monticello Avenue sold for $320,000. That’s 21.72 percent over the 2021 assessment.
  • Two houses on Monticello Avenue sold for a total of $530,000. That’s 72.08 percent over the 2021 assessment for both. The new owners are a firm called 1015 Pierce Apartments. They have an address in San Francisco. 
Rock Creek Village was zoned in 1985. View this 2013 Planning Commission staff report on PUDs that had been approved in Charlottesville up to that point. 

December 21, 2021

  • A firm called Jeffersonian LLC picked up four properties close to the University of Virginia for a total of $1.675 million. That purchase price is 16.53 percent below the 2021 assessment. The properties are on Valley Road, 13th Street NW, Gordon Avenue, and Cabell Avenue. 
  • In a separate transaction, Jeffersonian, LLC bought an eight bedroom structure on 14th Street NW in the Venable neighborhood sold for $425,000. That’s 10.34 percent below the 2021 assessment. 
  • A three bedroom house on Park Plaza in the North Downtown neighborhood sold for $850,000. That’s 22.51 percent over the 2021 assessment. 
  • A building in the 200 block of West Main on the Downtown Mall has sold for $5.2 million to an entity called Jenks LLC. This is the former location of the Downtown Grille. 
  • A four bedroom house in the 700 block of Altavista Avenue sold for $390,000. That’s 17.4 percent over the assessment. 
Jenks LLC is the new owner of 201-207 West Main Street (Credit: City of Charlottesville)

December 22, 2021

  • A unit in the Linden Town Lofts in the Belmont neighborhood sold for $300,000. That’s 12.19 percent over the 2021 assessment and 23.97 percent over the 2020 assessment. 
  • A small house built in 1920 that’s being used as a commercial building sold for $310,000 to a firm with the name 923 Harris Street LLC. 
  • A three bedroom house in the 900 block of Wine Street in North Downtown sold for $480,000. That’s 8.77 percent over the 2021 assessment. 
  • One half of a duplex on Orangedale Avenue in Fifeville sold for $121,900. That’s 10.89 percent below the 2021 assessment. 
  • One half of a duplex on Rockcreek Road in Fifeville sold for $206,000. That’s 54.31 percent over the 2021 assessment. Why are two transactions in the same neighborhood so different?
  • A four bedroom house in the 700 block of Montrose Avenue sold for $290,000. That’s 10.33 percent below the 2021 assessment. 
  • A suite in a commercial building at 908 East Jefferson sold for $325,000. That’s 25.51 percent below the 2021 assessment. 
  • A three bedroom house on Willow Drive in the Martha Jefferson neighborhood sold for $343,500. That’s 14.16 percent over the 2021 assessment. 

December 28, 2021

  • A pair of houses on Valley Circle in the Jefferson Park Avenue neighborhood sold for $975,000. That’s 62.18 percent over the 2021 assessment for both of them. The two properties abut against the Norfolk Southern railroad at the location of a conceptual idea for a pedestrian and bike tunnel. 
  • Riverbend Development purchased the site of a former Hardee’s on 5th Street Extended for $3.5 million. This is where the company is seeking to build a Wawa franchise. The sale price was 158.61 percent over the 2021 assessment. 
  • A two bedroom house on Early Street in Belmont sold for $399,950. That’s 31.35 percent over the 2021 assessment. The previous owner made several repairs. 
  • A two bedroom house in the 300 block of Meade Avenue sold for $175,000. That’s 31.43 percent below the 2021 assessment. The purchaser is Trek Properties LLC which has an address in Henrico County. 

December 29, 2021

  • The student apartment complex known as the Pavilion at North Grounds on Millmont Street has sold for $113.5 million. That’s 27.2 percent over the 2021 assessment. 
  • A 2,464 square foot condominium on the seventh floor of the building at 218 W. Water Street sold for $1.5 million. That’s 1.33 percent below the 2021 assessment.
  • A four bedroom house on Kenwood Lane in the Greenbrier neighborhood sold for $385,000. That’s 8.63 percent over the 2021 assessment. The property sits on 0.36 acres.  
  • A four bedroom house in the 700 block of Avon Street sold for $410,000. That’s 6.6 percent over the 2021 assessment. The Pavilion at North Grounds (Credit: City of Charlottesville)

December 30, 2021

  • An 888 square foot apartment in the Charlottesville Towers apartment complex sold for $205,000 to an entity called Hotbrook LLC. That’s 9.86 percent over the 2021 assessment. 
  • A five bedroom house in the 1100 block of Elliott Avenue in the Belmont neighborhood sold for $399,000. That’s 29.13 percent over the 2021 assessment.

Previous installments (on Information Charlottesville):

One comment

  • Heather Lee Lamond Walker

    Thanks Sean. The prices are amazing, some so low and more so high!
    I imagine the difference between the two duplexes in Orangedale is one was a rental property, and one was owner occupied.

    Like

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