Ravensworth Towers

Posted: 10/4/2018
219 Units
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About

About Ravensworth Towers

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Ravensworth Towers, a well maintained value-add high-rise apartment community in a supply constrained submarket within the Washington Metro area. Built in 1973, Ravensworth Towers has recently received a large infusion of capital to improve the asset quality. The Property offers a proven value-add opportunity with current rental premiums of approximately $120 based on a comprehensive upgrade that includes stainless steel appliances, plank wood flooring throughout the unit and new washers and dryers. This renovation package can be enhanced to mirror newer product in the submarket for additional rent increases. Similar properties in the submarket that have undergone full renovations currently rent at $195 more than Ravensworth Towers, and instituting a full renovation package can achieve rental premiums that will close the gap between the Property and its competitors. Ravensworth Tower’s location in proximity to I-495 and I-395 provides immediate access to the region’s many major employers and the most significant employment centers throughout the Washington Metro area. The Property’s desirable location and additional renovation upside presents investors with the rare opportunity to acquire a value-add, infill high-rise in one of the Washington region’s best locals.

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