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Washington, D.C. Multifamily

Historic River City Renaissance Portfolio Auctioned Off

The Davis Cos has officially entered the Richmond market with a $37.35M acquisition of the troubled River City Renaissance portfolio. The Boston-based company acquired the portfolio, which consists of 29 historic properties owned by incarcerated developer Billy G. Jefferson, in a bankruptcy auction led by Sperry Van Ness Auction Services. CEO Jonathan G. Davis expressed excitement about the 1800s and 1900s-style apartment buildings locations in Richmond's Fan and Museum districts, GlobeSt.com reports. He said next steps involve going through the properties to check for any maintenance issues and begin making significant enhancements and renovations. [Globe]

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