When Gramercy Row was constructed in 2016, it was the only new-construction apartment building in downtown Roanoke, Virginia, but its $14.6 million sale in 2022 displayed the region’s promise and has helped spur a spate of new multifamily development. The sale’s impact on downtown Roanoke has earned it a 2023 CoStar Impact Award, as judged by a panel of local industry professionals.
Like its namesake in New York, Gramercy Row offers garden courtyards with landscaped canopies, and it features designer finishes in its 82 units. The project also includes 5,500 square feet of ground-floor retail, which was under contract to be leased to local insurance firm Hawk Advisors at the time of sale.
Due to rapidly rising interest rates in early 2022, the listing team decided to forego traditional marketing in favor of a targeted approach. The team approached BCAP Properties, a Jericho, New York-based real estate firm specializing in multifamily, which acquired Gramercy Row shortly thereafter in September. The property was sold by developer Re Partners, led by Lucas Thornton.
Gramercy Row was the first new-construction multifamily complex to sell in downtown Roanoke in multiple decades. It sold for $178,000 per unit, roughly $66,000 per unit above the market average, setting a new record for price per unit in Roanoke.
Since its sale, developers have gained entitlements and approval for more than 1,000 new units.
About the property: Located at 206 Williamson Road SE, Gramercy Row sits on the eastern edge of Roanoke’s downtown within walking distance of many of its museums and parks.
What the judges said: “Not only does this represent a major investment by an out-of-town buyer in our central business district, it frees up capital for Lucas Thornton, a developer that is currently working on a major [central business district] development for retail and housing,” said Henry Scholz, director of commercial real estate services at MKB Realtors.
They made it happen: Clay Taylor and Jorge Rosa of Cushman & Wakefield | Thalhimer in Roanoke; Anthony Liberto of Cushman & Wakefield in McLean, Virginia; and Michael Cohan of BCAP Properties all played roles in brokering the deal.