Crystal Lakes

About Crystal Lakes

The Cushman & Wakefield Multifamily Advisory Group is pleased to offer for sale, Crystal Lakes Apartments, a 716-unit valueadd apartment community located in one of Richmond, Virginia’s best locals. Built in 1967, Crystal Lakes presents the opportunity to acquire significant scale in one of the Mid-Atlantic’s leading apartment markets. The Richmond Market has been an out performer with low vacancy and accelerated rent growth over the last twelve months with this trend projected to continue. Crystal Lakes is perfectly positioned to take advantage of these lofty fundamentals due to its convenient location in Chesterfield County, which offers 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. Further major employers and employment centers are located in close proximity to Crystal Lakes with downtown Richmond 10 minutes away. The current owner has invested significant capital to cure deferred maintenance and bring down units back online while also establishing a renovation program which is proving out rent increases of $165. The opportunity exists for a new investor to replicate or enhance this renovation for similar premiums. This unique opportunity to acquire a large scare asset with proven value-add upside is rare in the Richmond market and makes Crystal Lakes a truly one of a kind offering.