21 E. Leigh Street, Richmond, VA 23219

CBRE is pleased to present Washington Plaza, a premier 28-unit senior housing community located at 21 E. Leigh Street in the historically and culturally significant Jackson Ward neighborhood of Downtown Richmond, Virginia.

Originally constructed in 1872, the approximately 23,976-square-foot building holds a revered place in regional history as the site of the Booker T. Washington School, the very first public school building designated for African American children in the city. Masterfully converted into modern senior housing, this defensive, income-restricted asset serves a rapidly growing 55+ demographic within a vibrant, supply-constrained submarket minutes from VCU Health System, the Richmond Convention Center, and downtown employers.

The property features unmatched construction quality characteristic of its late 19th-century educational architecture. Built with highly durable, structurally strong walls, the building's framework delivers robust longevity that modern construction rarely replicates. Inside, residents enjoy soaring high ceilings and oversized windows that flood the living spaces with massive natural light. The community's historic character is further elevated by grand staircases and expansive terrazzo marble floor hallways, creating a dramatic, institutional-grade aesthetic that gives the asset a distinct competitive advantage in the rental market.

Currently maintaining a stabilized base of long-term tenants who are deeply attracted to the building's unique historic quality and prime location, Washington Plaza offers a defensive and reliable cash flow profile. Looking forward, the investment provides an exceptional long-term play for a new sponsor to either extend the existing affordable housing framework or consider a lucrative market-rate conversion once the current rent restrictions expire. Furthermore, the property is perfectly positioned for specialized tax credit owners or local operators who can significantly drive down overhead; by integrating Washington Plaza into an existing local portfolio, an owner can share localized staffing, maintenance, and management costs to unlock immediate operational efficiencies.