Colliers International is pleased to announce the sale of Star Lofts, located at 16 S. Market Street in Petersburg, Va, for $7,300,000.00.

The 66-unit apartment complex features high-end finishes, a fitness and business center, swimming pool, gated parking, and an inviting courtyard. It was originally constructed as the Star Tobacco Cigarette Factory and was repurposed and upgraded in 2013.

Star Lofts offered investors the opportunity to add a highly stable and attractive asset to its portfolio. The property is 100% occupied with zero deferred maintenance, allowing the buyer, Mercer St. Partners Sponsor, LLC, to focus on generating revenue through property enhancements. In addition, Star Lofts renders an adjacent land parcel of 0.5 acres, allowing for the development of additional units.

Star Lofts is centrally located to jobs and amenities in the historic district of Petersburg, minutes from I-95 and I-85.

Garrison Gore, Charles Wentworth, G.S. (Hank) Hankins, and Victoria Pickett, of the Colliers International Mid-Atlantic Multifamily Advisory group, represented the seller, Star Lofts, LLC.