Plus MGT, owned by George Emerson and Phil Roper, a Chester developer, purchased a 46-unit apartment building in Shockoe Bottom at 1900 E. Franklin St. three weeks ago. According to BizSense.com the property, heavily in debt was purchased from CWCapital.
Plus MGT who own almost 550 apartments just in the Shockoe area, own about the same amount of units in the Chester and Rivers Bend area. Plus MGT bought the distressed property at auction for $3.4 million, according to Bizsense.
Roper said he bought the building because it is next to two other apartments the company owns, American Tobacco Center and the Dill Building. The apartments are in rough shape and need a little TLC, Roper said, according to the online business site.