The properties are Capital Garage and Ramz Hall, both in Richmond, VA, Campus Club in Tampa and the Preserve at San Luis in Tallahassee, FL. They are being marketed by Jones Lang Lasalle's Alex Quintana, Jeff Morris and Jubeen Vaghefi.
"We expect the property to be broken up," Alex Quintana, managing director at JLL, tells GlobeSt.com. "They can be bought as a portfolio, but our guess is the way the market is today, it's better to give investors the option of breaking it up."
Capital Garage has 36 loft-style units near the Virginia Commonwealth University. The buildings all have controlled access and are predicted to be fully leased by the fall. Ramz Hall, also near VCU's campus, is a five-story building with 84 two-bedroom units and four studio apartments. The top four residential stories are 100% master-leased by VCU through the 2009-10 school term. The bottom floor has more than 15,000 sf of retail space, which is fully leased. Capital Garage is two blocks from the building. JLL plans to market the Richmond properties together, with Quintana explaining "the trend in the market right now is smaller deals."
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