T
he largest real estate deal of the year in Richmond's city limits has been finalized, with West Shore, a Boston-based investment firm, acquiring The River Lofts at Tobacco Row for over $123.5 million.

    Located in Shockoe Bottom, the complex spans 12 acres and comprises six historic tobacco warehouses converted into apartments throughout the 1990s and 2000s, as well as the Cutter's Ridge townhomes and surface parking lots along Dock Street. The purchase price works out to approximately $166,000 per unit.

    The River Lofts feature 742 units with an average size of 947 square feet, and as of last year, the average rent was $1,500. The complex also includes around 23,000 square feet of commercial space occupied by Bookbinder's Seafood & Steakhouse.

    West Shore President Lee Rosenthal stated that expanding into Richmond felt like a natural fit for the company, which owns over 16,000 units across 48 properties in the Sun Belt and Southeast. The River Lofts were marketed as a value-add opportunity after making headlines earlier this year due to mold, flooding, and water issues reported by tenants.

    Rosenthal announced plans to initiate a multimillion-dollar renovation on the apartments, including updates to common areas and amenities, roof replacements, dropped ceiling upgrades, and filtration system improvements. "It's rare that we see a transaction this large where we can add significant immediate value through renovations," Rosenthal said.

    Brookfield Properties, the seller, acquired the lofts' original redeveloper, Cleveland-based Forest City, as part of an $11 billion deal in 2018. The properties were most recently assessed by the city at a combined $107.8 million.