Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Pines of Newpointe and Lynnbrook Forest, a 181-unit two property portfolio located in Virginia Beach, Virginia. Built in 1996 and 1985 respectively, the Properties are uniquely comprised of two and three bedroom rental flat style and townhouse units with modern unit layouts within one of the region’s strongest economies. Pines of Newpointe and Lynnbrook Forest are well maintained with significant capital invested including a refresh of original interior finishes. The Properties exhibit strong value-add fundamentals through in-unit renovation potential which can garner additional rent increases. Pines of Newpointe and Lynnbrook Forest’s location within Virginia Beach provides residents access to a significant amount of convenience retail and proximity to some of Hampton Road’s largest employers. Pines of Newpointe and Lynnbrook Forest’s exceptional location and unique construction type make it a rare opportunity to acquire two stable, cash flowing assets with additional upside in one of the strongest municipalities in the expanding Hampton Roads economy.

Pines of Newpointe & Lynnbrook Forest (2 properties, 181 units)

Pines of Newpointe

125 Units

5510 Seawall Court
Virginia Beach, VA 23462

4630 Roxbury Ln
Roanoke, VA 24018

Closed: 4/20/2019

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Ravensworth Towers, a well maintained value-add high-rise apartment community in a supply constrained submarket within the Washington Metro area. Built in 1973, Ravensworth Towers has recently received a large infusion of capital to improve the asset quality. The Property offers a proven value-add opportunity with current rental premiums of approximately $120 based on a comprehensive upgrade that includes stainless steel appliances, plank wood flooring throughout the unit and new washers and dryers. This renovation package can be enhanced to mirror newer product in the submarket for additional rent increases. Similar properties in the submarket that have undergone full renovations currently rent at $195 more than Ravensworth Towers, and instituting a full renovation package can achieve rental premiums that will close the gap between the Property and its competitors. Ravensworth Tower’s location in proximity to I-495 and I-395 provides immediate access to the region’s many major employers and the most significant employment centers throughout the Washington Metro area. The Property’s desirable location and additional renovation upside presents investors with the rare opportunity to acquire a value-add, infill high-rise in one of the Washington region’s best locales.

4327 Ravensworth Rd
Annandale, VA 22003

Closed: 5/7/2020

The Cushman & Wakefield Mid-Atlantic Multifamily Advisory Group is pleased to present Northridge Village and Salem View, a 234-unit value add portfolio in Roanoke, Virginia. Both assets are situated in close proximity to one another and provide superior economies of scale. Northridge Village and Salem View are well located in the Roanoke market with significant retail amenities close including Valley View Mall, the premier retail amenity in the Roanoke MSA. Additional lifestyle amenities and major roadways are a short drive from both Properties. Built in 1970 and 1974 respectively, Northridge Village and Salem View offer attractive unit layouts comprised of 2 and 3 bedroom townhome and flat-style units. The opportunity exists to garner additional rental premiums through light interior upgrades similar to competing properties in the submarket. Northridge Village and Salem View’s exceptional location within the stable Roanoke economy presents investors a rare opportunity to acquire a well-positioned portfolio with significant future growth opportunities.

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Northridge Village & Salem View Apartments (2 properties, 234 units)

Salem View

60 Units

3836 Panorama Ave N
Roanoke, VA 24012

537 Tranquil Ct
Odenton, MD 21113

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present South Bank Apartments, a 150-unit, core-plus apartment community located in Richmond’s Manchester submarket, a booming urban village located in the heart of the city. Built in 1937 and completely renovated in 2018, the Property combines dynamic industrial character with modern comforts to satisfy the unique tastes of urban renters.

The Property enjoys an excellent location with immediate access to the iconic James River as well as major employment centers in Richmond, which is home to 11 Fortune 1000 companies. South Bank’s exceptional location and unique features make it a rare opportunity to acquire a re-imagined asset with additional upside in the expanding Richmond economy.

307 Stockton St
Richmond, VA 23224

Closed: 7/31/2019

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Cushman & Wakefield has been exclusively retained to offer SouthSide Works City Apartments, located at 2626 South Tunnel Blvd in Pittsburgh, PA (the "Property"). The Property is a 264-unit, 6-story Class A, luxury building located in the heart of SouthSide Works which is one of the most sought-after neighborhoods in Pittsburgh boasting a live, work & play environment. Recently constructed in 2016, the property offers easy access to the region’s top educational institutions, such as Carnegie Mellon University, the University of Pittsburgh and Duquesne University and is a hub for advanced robotics, engineering, major corporate employers. The property boasts open floor plans, floor-to-ceiling windows, a top-of-the-line finish package including contemporary kitchens, bathrooms and fixtures. There is a 24/7 maintenance service as well as incredible community amenities, indoor/outdoor heated pool and spa, zen garden, indoor/outdoor movie theater, fitness center and clubroom.

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Southside Works City Apartments

264 Units

2626 South Tunnel Blvd
Pittsburgh, PA 15203

Type: Multifamily

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Steeplechase Apartments, a 240-unit value-add apartment community in Largo, MD. Built in 1987, Steeplechase offers proven value-add upside through in-unit renovations at the Property garnering significant premiums. The Property’s highly desirable location in dynamic Largo, MD affords residents access to some of the area’s largest employers, desirable retail amenities and enhanced access via Metro. Steeplechase’s exceptional location and significant renovation upside presents investors with the rare opportunity to acquire a well maintained, value-add apartment community with significant growth prospects in the expanding Washington metro economy.

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Steeplechase Apartments

240 Units

150 Steeplechase Way
Largo, MD 20772

Closed: 1/9/2018

StoneBrook Apartments is a 168-unit value-add apartment community located in Roanoke, VA. Built in 1974, StoneBrook has tremendous value-add upside through the implementation of a comprehensive in-unit renovation program that includes the installation of washers & dryers. In-unit enhancements are currently being completed and proven out at the Property and the competitive set. The Property’s highly desirable location on the south side of Roanoke, adjacent to one of the region’s largest regional malls and within close proximity to numerous lifestyle amenities and major roadways adds to the Property’s appeal. StoneBrook’s exceptional location and significant renovation upside presents investors with the rare opportunity to acquire a well maintained apartment community with significant future growth prospects within the expanding Roanoke economy.

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StoneBrook Apartments

168 Units

3301 Circle Brook Drive
Roanoke, VA

705 Pool Road
Richmond, VA 23236

Closed: 11/1/2016

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Terraces at Manchester

148 Units

800 Semmes Avenue
Richmond, VA 23224

Type: Multifamily

Closed: 6/22/2017

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Estates at Pikesville (the “Property”), a 208-unit value-add apartment community located in Pikesville Maryland, one of Baltimore’s best suburbs. The Property, built in 1989, has been institutionally managed and has limited future capital needs. Rental premiums can be achieved through a strategic enhanced renovation program similar to properties within the competitive set. The Property’s location in the heart of Baltimore County provides access to numerous points of interest throughout the region including some of the most significant employment center, retail, and entertainment amenities. Overall, this Property presents investors with a rare opportunity to acquire a well maintained, value-add apartment community with significant future growth prospects within the expanding Baltimore economy.

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The Estates at Pikesville

208 Units

1601 Hutzler Lane
Pikesville, MD 21208

Type: Multifamily

Closed: 7/1/2018

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The Flats at West Broad Village

339 Units

3930 Wild Goose Lane
Glen Allen, VA 23060

Closed: 2/28/2019

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Hill, a gut renovated 13-unit property in the heart of Washington, DC’s Capitol Hill neighborhood. Originally constructed in 1955 and completely renovated and modernized in 2020, The Hill is the premier opportunity to acquire a core asset in the city’s most historic neighborhood. Building systems have all been replaced and modernized with new mini-split heating and AC units, in-unit washer-dryers and condo-quality finish levels. The Property’s one-of-a-kind location at the intersection of Independence Avenue, Pennsylvania Avenue and 2nd Street Southeast creates immediate connectivity to the Capitol Building and Library of Congress in addition to unbelievable access to the city’s largest employment nodes, including Amazon HQ2. The Capitol South Metro Station is only two blocks from the Property, providing dynamic optionality for residents to access to the entire city and the greater Washington metro area. The Hill’s exceptional location and premium finish level presents investors with the rare opportunity to acquire a core asset with organic upside in one of the District’s most highly sought after neighborhoods.

220 2nd Street SE
Washington, DC 20003

Closed: 12/28/2020

Cushman & Wakefield's Mid-Atlantic Multifamily Advisory Group is pleased to present The Residences at Waterstone, a rare opportunity to acquire a unique, proven value-add asset in the one of the Baltimore MSA's best suburbs. The Property, built in 2002, is a first-generation value-add investment with functional characteristics similar to newly constructed assets within the Baltimore MSA. The Property presents some of the largest floorplans in the market averaging 1,453 square feet with many featuring individual garages leading into units. The combination of drive-up garages, spacious floorplans, and institutional quality has allowed for rental increases of up to $260 on renovated units with 61% of the units still in Classic condition. Renovated units are upwards of $300+ below the market rents of neighboring competitive properties which can allow for addition rent premiums. Increased tenant demand is creating strong apartment market fundamentals with effective rent growth in the submarket of 12.8% YoY in Q4 2021 and vacancy of just 2.6%. The Property is perfectly positioned to take advantage of these lofty fundamentals and is currently 93% occupied. The Residences at Waterstones top-of-the-line community amenities, dynamic location, below market rents and proven value-add upside presents a rare opportunity to acquire suburban Baltimore's most unique apartment community.

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The Residences at Waterstone

255 Units

225 Galvariun Court
Pikesville, MD 21208

Closed: 6/15/2022

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Riverwalk at Salem, a pristine 276-unit apartment community located in Salem, VA. The Property is well located in the high growth Roanoke MSA and creates a rare opportunity for investors to acquire scale in this supply constrained locale. The Property offers proven value-add upside from a combination of in-unit renovations and increased operational efficiency. These value enhancing strategies will combine with future economic growth across the region from a variety of employment sectors that are keeping apartment fundamentals strong. Key industries, including the Meds & Eds sector, are seeing sustained economic growth that has caused the MSAs to reach full employment with record low unemployment. Economic stability is leading to incredible apartment market fundamentals with rent growth and vacancy outperforming long term averages. The Riverwalk at Salem represents a rare opportunity to acquire a proven value-add opportunity in this expanding economy.

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The Riverwalk at Salem

276 Units

1650 Lancing Drive
Salem, VA 24153

Type: Multifamily

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Town & Country Apartments

646 Units

1402-D Barriedale Road
Richmond, VA 23225

Closed: 8/1/2017

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Trellis at Lee’s Mill, a 176-unit value-add apartment community located in Newport News, VA. Built in 1974, Trellis at Lee’s Mill has proven value-add upside with in-unit renovations in select units generating significant premiums. Investors will have the ability to continue or enhance these existing renovations, including adding in-unit washers and dryers. The Property’s highly desirable location in close proximity to Fort Eustis, a major Newport News employer, adds to the appeal. Trellis’ exceptional location and significant renovation upside presents investors with the rare opportunity to acquire a well maintained, value-add apartment community with significant future growth prospects within the expanding Hampton Roads economy.