Crystal Lakes

Posted: 9/17/2019
716 Units
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About

About Crystal Lakes

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Crystal Lakes, a 716 unit opportunistic apartment investment in one of Richmond’s strongest submarkets. The current owner has invested significant capital to cure deferred maintenance at the Property and has implemented a renovation program on approximately 35% of the units, which has resulted in significant rent premiums. Of the 716 units, 128 are in unrentable condition. Of the remaining 588 units, approximately 340 are in their original condition, while 125 have been moderately renovated, and another 125 have been fully renovated. The moderately renovated units are achieving a 15% rent premium above units still in their original condition, while fully renovated units are achieving a 38% premium. New ownership will have the unique opportunity to renovate and bring the down units online, renovate units in original condition and upgrade moderately renovated units to generate maximum rent increases and reposition the Property at the top of the competitive set.

The Property is located in Chesterfield County, one of the Richmond MSA’s premier jurisdictions with some of the region’s top schools and quality of life. The Property’s location, along with its unique townhouse style construction, creates consistent renter demand and a significant competitive advantage in the market. The unique opportunistic characteristics and large scale of Crystal Lakes make it truly a one of a kind offering that presents investors with proven value-add upside and significant future growth prospects in one of the Mid-Atlantic’s best performing economies.

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