The Connelly

About The Connelly

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Connelly, a 192-unit, value-add asset in Portsmouth, Virginia. The Property is located minutes from I-64 and Route 460, providing immediate connectivity to the entirety of the Hampton Roads MSA and easy access to significant high-end employment and retail offerings in close proximity. Built in 1972, the property offers proven value-add upside, as it is currently achieving $150 premiums on renovated units, with room to push premiums closer to $200 based on nearby renovated comparable properties. This provides new ownership with a clear path to increased rental income and upside, as 80% of the units remain in classic condition. The property stands to benefit from the impressive local apartment market fundamentals, as rents have grown by 4.1% year-over-year with sub 4% vacancy in Hampton Roads , and rents in the Portsmouth submarket have grown by 4.6% year-over-year, both of which exceed that of peer markets Richmond and Washington, D.C. Additionally, there are 0 multifamily units under construction within a 5-mile radius of the Connelly, creating an ideal supply-demand balance that will continue to place upward pressure on rents for the foreseeable future. The local area boasts exceptional demographics, as the population within a three-mile radius of the property has grown by 14.6% since 2010, with a median household income of $85,946 and 67% of residents are employed in white collar professions, all of which outpace the broader MSA. The property has been exceedingly well maintained by current ownership with investments on in-unit renovations, amenity creation, common area upgrades, and general base building improvement and preservation, limiting future capital risk and allowing a new investor to focus on income producing investment. The Connelly offers a rare opportunity to acquire a well performing asset, with limited capital required and additional upside in one of the most stable economies in the Mid-Atlantic.