Culpeper’s Jefferson Homebuilders is the new owner of Waters Place, the mixed use development in a vintage warehouse next to the Depot.
Cushman & Wakefield/Thalhimer last week announced the $3.95 million purchase from Opre Culpeper LLC.
The three-story building on a half-acre in the heart of downtown houses 25 apartments upstairs and nine shops downstairs, including Beer Hound Brewery, 18 Grams Coffee Lab and Wine & Design. The building also has a parking garage for residents.
Charlottesville-based Octagon Partners purchased the circa-1920s building in 2006 for $2 million and completely renovated it as part of a $10 million project that included a large addition on the back.
Jefferson Homebuilders, led by CEO Joe Daniel, purchased the property as an investment, according to the real estate release. It appraised for $1.9 million per the recent reassessment.
Asked the company’s plans for the building, Daniel said on Monday, “Nothing different on Waters Place. Just continue to rent and take care of the property.”
According to county tax records, Merchant Grocery purchased the land on which the old warehouse building sits in the year 1900 for $40,000.
The units in Waters Place, ranging in size from 984 to 1,893 square feet, originally sold for between $246,000 and $473,250, according to materials from Octagon Partners.