City apartment complex sells for $9.5 million

Kensington Court Apartments in the city’s Museum District sold last week for $9.5 million. The sales price was confirmed by the city records office.

PMC Property Group of Philadelphia purchased the 120-unit apartment building at 2900 Kensington Ave. from a group of investors including Robin Miller, principal of Miller & Associates, who developed the property in 1999.

This is PMC’s only property listed in Virginia; the firm also has apartments in Connecticut, Florida, Maryland, Massachusetts, Pennsylvania and South Carolina.

Neither party could be reached for comment.

The property was purchased for just $500,000 more than its assessed price of $9 million. It had previously been listed for sale on LoopNet.com for $11 million.

Miller bought the building in a foreclosure auction for $1.22 million in 1998. The previous occupants operated an adult-care home that lost its license.

WM Jordan construction completed a $5.28 million restoration of the property shortly after it was purchased by Miller.

The building was constructed in 1924 and was the original home of Johnston-Willis Hospital, which later moved to Chesterfield County.

Al Harris covers commercial real estate for BizSense. Please send news tips to Al@richmondbizsense.com.