Chelsea Square

About Chelsea Square

Cushman & Wakefield is pleased to present Chelsea Square, a differentiated multifamily asset in Richmond, VA, offering proven value-add upside, oversized townhome-style residences, strong surrounding demographics, extensive retail access, and proximity to a deep and diversified employment base. Chelsea Square offers a compelling value-add opportunity through the continuation and enhancement of an existing renovation program. Renovated units are currently achieving average rent premiums of approximately $150 per month, while roughly 87% of the Property’s units remain in classic condition. Future renovations may include refreshed countertops, new kitchen hardware and lighting, LVP flooring, stainless-steel appliances, and updated bathroom finishes, providing new ownership with significant runway to increase rental income and drive NOI growth. The Property is further differentiated by its oversized unit layouts, with average unit sizes approximately 23% larger than the competitive set. Driven by Chelsea Square’s spacious townhome configurations, these larger and more functional floorplans provide residents with a more residential living experience than traditional apartment communities. This combination of additional space and townhome-style living creates a meaningful competitive advantage and broadens the Property’s appeal to renters seeking greater functionality and flexibility. Chelsea Square benefits from strong surrounding demographics that support sustained renter demand. Within a one-mile radius, more than 30% of the population is within the prime renting-age cohort of 15 to 34, while the median age of approximately 35 is roughly 4.5 years younger than the Richmond MSA. The surrounding area also benefits from strong bachelor’s degree attainment, white-collar employment, and renter occupancy, reinforcing a demographic profile well suited to multifamily demand. Residents benefit from exceptional access to more than 9 million square feet of retail within a three-mile radius. Nearby destinations include Costco, Whole Foods, Trader Joe’s, Kroger, Sam’s Club, Short Pump Town Center, and a broad mix of national retailers, restaurants, fitness concepts, and entertainment options. This concentration of daily-needs and destination retail provides residents with a highly amenitized living environment and further strengthens Chelsea Square’s competitive positioning. Located near Downtown Richmond and major regional employment centers, Chelsea Square benefits from access to a broad and diversified job base. Greater Richmond is home to 12 Fortune 1000 headquarters, including six Fortune 500 companies, while major employment anchors include CoStar Group, VCU, and VCU Health. Within three miles of the Property, the 125 largest employers account for more than 20,000 jobs across financial services, healthcare, energy, government, technology, and other industries. Major corporate and institutional investments continue to reinforce Greater Richmond’s economic growth. Amazon’s 2.7 M SF robotics fulfillment center, LEGO’s more than $1 billion manufacturing facility, Google’s planned data center campuses representing at least $9 billion of investment, and VCU Health’s approximately $90 million medical project are collectively adding substantial investment and employment throughout the Richmond MSA, supporting long-term housing demand and continued economic diversification.