PETERSBURG - A New York-based developer has purchased the Star Lofts at 16 S. Market Street in Petersburg.
Mercer Street, purchased the Star Lofts for $7.3 million. The 66-unit building sits on 3.55 acres of land in Petersburg s downtown. It has one and two-bedroom loft-style apartment units. We have had success in the Petersburg market as part of our larger investment focus within the Richmond MSA where we own nearly 700 apartment units, said Mercer Street Managing Partner Joe LeVine via email. We believe Petersburg shows exceptional promise and we are excited to play a small part in its continued growth.
The building was originally built as a tobacco manufacturing facility for Star Tobacco in 1922, a company which once employed more than two-thirds of the city s workers. The owner later relocated to Richmond in 2010 and the building was converted into apartments in 2013.