Hudson Capital of East Rutherford New Jersey has acquired the Lofts at Commerce in Manchester for a cool $20 Million. The is quite a deal if the city assessment of $31 Million is anywhere close to accurate.
According to Virginia Business who first reported the transaction:
“The 225-unit property at 700 Stockton Street offers one-, two- and three-bedroom apartments. It was once the site of a former Philip Morris tobacco factory and warehouse. Amenities include a fitness center, Wi-Fi bar, and swimming pool. There also is space available for potential conversion to office and retail.
Charles Wentworth and Peyton Cox of CBRE/Richmond represented the seller in the transaction.”
This is the second time in a short while that northern buyers have swooped into Manchester to find a deal. The Manchester Pie Factory was purchased in December by New York-based MJP Acquisitions for $2.15 Million.
I suspect we are going to see plenty more property change hands as the next wave of investors and developers look to Manchester for opportunities.