Mystery solved: Why Riverview Terrace was sold

 

Riverview Terrace, 33-unit apartment building at 132 Locust Street, was recently sold for $5,900,000 to Roman Empire Holdings LLC, according to public documents. It was previously owned by 789 Main Street LLC.

The building was listed for $8,200,000 in November 2022, shortly after construction was completed. In January 2023, the price was reduced to $7,900,000.

One prominent local development firm claims rising interest rates and restrictions on building and demolition in Lancaster city’s historic district - not internal financial issues - have led it to indefinitely shelve its plans in the city and Columbia.

Lancaster County-based Eberly Myers, which once proposed high-end apartments for young residents, has sold most of its real estate portfolio in the county after losing two properties to foreclosure by lenders.

According to one of the partners in the firm, the decision to sell the properties was motivated more by recent economic trends than the foreclosures. Benjamin Myers said recent increases in interest rates are “sucking the life” out of real estate development in general, which has led the group to indefinitely shelve its plans to develop apartments in Lancaster County.

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