Investor Purchased Fan District Property for $1.1 Million

The 126-year-old buildings at 1501-1503 W. Cary St. sold following a foreclosure process.

Updated on Oct. 1, 2026 in Commercial

Investor Purchased Fan District Property for $1.1 Million

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Richmond investor Ihab Aramin purchased the property at 1501-1503 W. Cary St. for $1.1 million on August 17, 2026. The transaction follows a foreclosure process that began in early 2026 after a previous redevelopment project failed.

Why it matters

The sale brings closure to a stalled redevelopment effort that left the historic site in legal limbo. The property had been the subject of a failed public auction earlier this year before being acquired by Aramin.

The 126-year-old property spans 4,900 square feet and carries a city-assessed value of $1 million. The site was previously slated for a 6-unit residential project.

The players

Ihab Aramin

He is a local investor who recently acquired the historic buildings in the Fan district.

Trius Lending Partners

They are a private lending firm that held the note on the property and initiated the foreclosure.

Jordan Scroggins

He is a developer who led the previous attempt to renovate the property before the project failed.

The details

The buildings were previously controlled by a group led by Jordan Scroggins before being reclaimed by Trius Lending Partners. Following a failed auction at the John Marshall Courthouse in June 2026, the lender successfully offloaded the asset to Aramin.

February 2026: The foreclosure process for the property began.
June 2026: A public auction for the buildings was held at the John Marshall Courthouse.
August 17, 2026: The property was sold to Ihab Aramin.
September 2026: The sale was officially recorded in city records.

Roadmap

This acquisition fits into the broader trend of developers revitalizing aging structures within Richmond's dense urban neighborhoods. It reflects the ongoing market appetite for historic renovation projects despite recent high-profile failures in the sector.

Residents in the Fan district may see activity on the long-vacant site if the new owner chooses to initiate construction. The resolution of the foreclosure removes a significant blight issue from the neighborhood's historic streetscape.

The takeaway

The sale highlights the persistence of demand for urban redevelopment despite the risks associated with historic, aging properties. Prospective developers looking at similar assets should note the importance of project completion to avoid costly legal and foreclosure processes.