Developer sells 1 apartment complex on W. Cary Street for $ 3.4 M

The apartments are located at the intersection of West Cary and South Foushee streets. (Photo by Mike Platania)

Already at work on another nearby project that will bring over 100 new apartments to Monroe Ward, a Henrico-based developer has unloaded one of his other residential buildings in the neighborhood.

Bank Street Advisors sold its 1 W. Cary St. complex for $ 3.4 million last month, according to city records.

The property comprises two renovated buildings totaling approximately 14,300 square feet, including 17 apartments and commercial space on the ground floor.

The new owner of the property is Erona Lake LLC, an entity related to Timberlake Lewis of California.

Lewis’s local attorney, Keith Harvey of Harvey & Driggs, deferred to Lewis, who could not be reached for comment. Bank Street directors Ed Brown and Christian Kiniry were unavailable for comment at press time.

The 0.2 acre parcel was recently valued by the city at $ 2.3 million. The agreement was registered with the city on August 30.

Bank Street launched the 1 W. Cary Project in 2018, shortly after the completion of some of its other major projects along Broad Street in Monroe Ward, including the Quirk Hotel, Ledbury Headquarters and the Charm School ice cream.

The company’s latest, the $ 35 million One Canal development, goes vertically a few blocks from 1 W. Cary St.

The deal between Bank Street and Lewis was the second seven-figure sale to Monroe Ward this summer. In July, Potomac Area Hostels Inc. purchased the old HI Richmond Hostel building on Second Street for just under $ 2 million.

Bank Street is also active elsewhere in the city. At Scott’s Addition, there is a seven-story, 67-unit apartment building planned next to the Hofheimer building. The project, dubbed “Soda Flats”, has yet to be launched.

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