March 2, 2014
A recent real estate deal is being considered the most valuable transfer in Charlottesville history.
After 88 years, a longtime player in providing off-grounds student housing at the University of Virginia is exiting the market as 14 student apartment buildings change hands.
Wade Apartments has sold several units to Neighborhood Investments -- UVA, LP.
Though the final sale price has not been released, it is more than the city assessments of $30,558,900. The individuals involved say the transaction is believed to be the most valuable real estate transfer in Charlottesville history.
"I am humbled to be entrusted with this portfolio of prime UVA properties, dating from the historic Raleigh Court building built by C.M. Wade in 1926 to the modern luxury apartment building at 1029 Wertland completed by his grandson Wade Tremblay in the summer of 2013," Neighborhood Properties, Inc. owner Richard T. Spurzem said in a release.
"Wade Apartments has had an enviable reputation as a premier provider of off-grounds housing to UVA students, and we will strive to uphold that tradition. These are assets that one should manage, care for and preserve for future generations. This is an exciting new chapter for my business that now includes ownership of more than 750 residential units," he said.
Some Wade Apartments staff will keep their jobs, working with Neighborhood Properties.