About Ridgeview Apartments
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the Ridgeview Apartments (the "Property"), a 96-unit apartment community located in Blacksburg, Virginia. Blacksburg is home to Virginia Polytechnic Institute and State University, Virginia’s most comprehensive university and leading research institution which enrolls more than 36,000 undergraduate, graduate, and professional students. Direct and indirect demand from this driver has caused extremely tight apartment market conditions. Vacancy in the Blacksburg-Christiansburg metropolitan area has not exceeded 2.00% since 2013 with year-over-year rent growth of 9.7%. With most new development focusd on traditional student housing, there remains a chronic undersupply of market rate housing. The Property boasts a competitive mix of sutdio, one bedroom, two bedroom, and three bedroom units which can all support significant rent increases derived from renovations to unit interiors to match the competitive set. This value enhancing strategy will allow new owners to capture immediately available upside and generate long-term stable cash flow complemented by steady and increasing rental demand in the area.