Ashton Square Apartments

About Ashton Square Apartments

Cushman & Wakefield is pleased to present Ashton Square, a well-positioned multifamily asset in Richmond, VA, offering completed capital improvements, multiple facets of rent growth, strong submarket and demographics, versatile location, and employment. Current ownership has invested heavily into the property, executing a comprehensive capital program that includes new roofs, HVAC systems, hot water heaters, in-unit washers and dryers, common area renovations, and ongoing parking lot resurfacing. These improvements materially enhance the asset’s physical condition and significantly reduce capital expenditure requirements. Ashton Square offers upside driven by both in-place rent growth and renovations. Recent leasing activity has generated gross potential rent increases of up to 11.7%, while ongoing reduction of loss-to-lease supports a mark-to-market opportunity of roughly $140/unit. Interior finishes are predominantly classic, presenting an opportunity to renovate. Comparable upgraded assets in the submarket are achieving renovation premiums of $150–$175 per unit per month, supported by upgrades to kitchens, bathrooms, and fixtures. Additionally, the submarket has no units currently under construction, supporting sustained rental demand. Submarket fundamentals remain strong with 5.0% rent growth and sub-5% vacancy since 2015 and projections of 4.0% annual rent growth over the next five years, with vacancy remaining below 5%. Bordering the affluent Westover Hills and Forest Hills neighborhoods, Ashton Square benefits from a strong demographic profile that supports demand. The surrounding area features a median household income of $164,000, roughly 2x the Richmond MSA average of $85,000. The resident base is highly educated, with 72% of residents holding a bachelor’s degree or higher, and 85% employed in white-collar occupations. Located minutes from Downtown Richmond and major employment hubs including VCU Health, Chippenham Hospital, and CoStar Group (expanding to ~3,500 employees), Ashton Square benefits from strong access to a diversified job base. Major regional investments have entered the Richmond MSA including Amazon’s 2.7M SF fulfillment center, LEGO’s $1B facility, Tract’s 38-building tech park, and Virginia Commonwealth University’s $90M medical project, collectively reinforcing accelerating economic growth and long-term demand in the Richmond MSA.