Townhomes of Oakleys

About Townhomes of Oakleys

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Townhomes of Oakleys ("The Property"), a 160-unit, affordable housing multifamily asset in Richmond, Virginia. The Townhomes of Oakleys offers residents a rural setting yet proximate to Downtown Richmond, Richmond International Airport, and many highways including I-64 and I-95. The Property, built in 1974, provides residents with a variety of spacious and unique floor plans at an affordable price. The current market rents at the Property are below the Henrico County’s 2020 Fair Market Section 8 Housing by an average of $415 per unit providing the opportunity to increase current market rents to the Fair Market Section 8 rent in Henrico County. Additional value can be realized once the affordability expires at the Property. The Property is located in the premier Henrico County, one of the best in Richmond, with dynamic regional access to Downtown Richmond, Richmond International Airport, and significant retail and amenities. Within a short walk from the Property is White Oak Village which includes Publix Super Market, Lowe’s, Target, Starbucks, JC Penny and much more. The Richmond MSA has performed exceedingly well throughout the Covid-19 Pandemic with effective rent growth at 10.9% in Q3 2021 and vacancy rates dropping to 2.9%. The Townhomes of Oakleys unique asset quality, affordability, premier location and dynamic access, make it a rare opportunity to acquire an affordable townhome community in Richmond with the ability to mark rents to the Section 8 market in the high growth Richmond apartment market.