TDC and Spy Rock Real Estate Group enhance residential community with new amenity-filled clubhouse and pool
Richmond, VA, (September 3, 2017) – Illustrating their renowned repositioning expertise, The Davis Companies (TDC) and Richmond partners, Spy Rock Real Estate Group today announced that they have completed extensive interior renovations and the construction of a new amenity-filled clubhouse at The Gallery in Richmond, VA. The 157-unit apartment community is the first and only community in the highly desirable Fan and Museum districts to offer a swimming pool to its residents. The Gallery, part of TDC’s River City Renaissance portfolio, is currently more than 85 percent re-leased.
TDC and Spy Rock invested significant capital to renovate each of The Gallery’s residences and common areas, adding a new, 3,700-square-foot community clubhouse designed by Johannas Design Group and built by Leipertz Construction. The clubhouse features a Class-A fitness center, a billiards table, large-screen televisions, high-speed WiFi, co-working areas designed for work-from-home convenience, and a kitchen and lounge area complete with beer taps featuring drafts from local brewers. The complex also has an outdoor grilling area, dog park, and swimming pool. QHCI, LLC provided general contractor services to complete the existing property’s interior and exterior renovations. Steelhead Management, a subsidiary of Spy Rock, is responsible for the management and leasing of the property.
“We’ve added significant value to The Gallery by enhancing the lifestyle choices available to our residents within the community,” said Gary Hofstetter, senior vice president of asset management at The Davis Companies. “We’re now more than 85 percent re-leased, and receiving very positive reviews from many potential new residents. We’ve developed a solid renovation program with the expertise of our partners at Spy Rock, and look forward to continuing to reinvigorate the entire River City Renaissance Portfolio.”
TDC and Spy Rock acquired The Gallery in 2015. The apartment community is part of the River City Renaissance portfolio, which consisted of 29 residential buildings with 441 apartments. Spy Rock and its principals, Andrew Basham and Taylor Williams, have developed more than 2,500 multifamily units in Virginia, including large-scale renovations of historic-era buildings and new luxury communities. TDC and Spy Rock have also recently teamed up on the purchase and renovation of Southbank Apartments, the former Parachute Factory, to bring an additional 150 units to the Manchester section of Richmond.
“We are incredibly pleased with The Gallery’s success, accomplished together with our valued partner, The Davis Companies,” said Spy Rock Principal Andrew Basham. “We are enthusiastic about the investment we’ve made in the neighborhood, and excited by the positive response we’ve received from the market and the community thus far.”
TDC has acquired and developed more than 7,000 multifamily units throughout the Eastern U.S. during its 41-year history. Recent multifamily developments include: Telford 180, an 85-unit condominium building that brings a unique homeownership opportunity to Allston, MA; Sawmill Point, a four-story, 280-unit apartment complex in Wilmington, N.C. that TDC developed and recently opened in partnership with Gemini Real Estate; and Vim + Vigor, a two-building, 274 unit multifamily development on the former Pabst brewery site in Milwaukee, W.I. that TDC is developing in partnership with Milhaus Development, LLC.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. The Davis Companies has acquired and developed over 7,000 multifamily units throughout the Eastern U.S. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
About Spy Rock Real Estate Group
Spy Rock is a development and investment firm targeting multifamily, commercial, hospitality and mixed-use assets in exceptional locations. SR focuses primarily on opportunities in Virginia, particularly in the Richmond, Hampton Roads, Charlottesville and Shenandoah Valley markets. With a concentration in urban and new-urban settings, infill sites, emerging submarkets and mixed-use communities, SR is a leader in creative development practices in Virginia.