West Shore Acquires River Lofts at Tobacco Row in Richmond, Virginia, Surpassing 16,000 Apartments Owned and Operated
(BOSTON, MA – December 13, 2024) – West Shore, a fully integrated real estate investment firm with a specific focus on the acquisition and operation of multifamily assets, this week announced its acquisition of The River Lofts at Tobacco Row in Richmond, Virginia. This purchase marks two major milestones for the fast-growing, entrepreneurial company: its expansion into the Virginia market and surpassing 16,000 owned and operated units across the southeastern and southwestern U.S. since its founding less than eight years ago.
The River Lofts at Tobacco Row offers a diverse range of apartments, from studios to three-bedroom lofts and townhomes, totaling 742 units across five city blocks. Each unit is thoughtfully designed with modern kitchens and bathrooms, in-home washer and dryers, and more in-demand amenities. The property also offers access to a variety of facilities, including two resort-style pools, multiple fitness centers, indoor and outdoor communal spaces, and a dog park.
“The acquisition of The River Lofts at Tobacco Row highlights West Shore’s commitment to strategic growth in high-demand, rapidly expanding markets,” said Lee Rosenthal, President of West Shore. “This acquisition of this property and our entrance into the Virginia market has been an important strategic undertaking, which we believe West Shore is uniquely positioned to steward on behalf of property residents and our investors. We’re thrilled to establish a presence in Virginia while celebrating the milestone of owning and managing over 16,000 units, a testament to the success of our strategy that combines an entrepreneurial approach to real estate with institutional investment discipline in the multifamily sector.”
Richmond is consistently ranked among Virginia’s top cities in which to live, fueled largely in part to its affordability, job opportunities, and thriving lifestyle scene. Downtown Richmond is the epicenter of the thriving region, boasting industry-leading companies, world-class medical and research facilities, and institutions of higher learning. The city provides residents with a wealth of employment and entertainment opportunities, where it’s home to 7,720+ businesses and over 165,600+ employees.
The River Lofts at Tobacco Row is located in the vibrant Shockoe Bottom neighborhood, known for its rich history, dining, shopping, as well as an abundance of easily accessible retail and lifestyle amenities. The property is also conveniently close to the Virginia Capital Trail and minutes from major institutions such as Virginia Commonwealth University (VCU) and the University of Richmond.
“The River Lofts at Tobacco Row offers an exceptional living experience in one of Richmond’s most vibrant and historic neighborhoods,” said Steven P. Rosenthal, Founder and Chairman of West Shore. “Expanding into a new state and another attractive market with a growing population of young professionals and a booming cultural scene, coupled with surpassing the 16,000-unit milestone, underscores our investment thesis for the benefit of our residents and investors.”
The River Lofts at Tobacco Row is located at 2 S 25th St in Richmond, Virginia. Learn more at TheRiverLofts.com.
