Property Listings

Cushman & Wakefield’s Mid Atlantic Multifamily Group is pleased to offer Sphere Apartments, a newly constructed asset located adjacent to the dynamic Scott’s Addition/Diamond District. Sphere Apartments is squarely in the path of growth within Richmond, positioned between the established Fan District and high growth areas of Scott’s Addition and Downtown Richmond. The Property’s micro location is also seeing significant economic investment with Virginia Union University undergoing a $500MM redevelopment across the street which will continue to increase demand for rental apartments. The asset is in close proximity to the newly awarded Diamond District redevelopment which will bring an additional $2.44 Billion of economic development over the next 13-years fueling additional demand. Sphere Apartments features best-in-class finishes and amenities while also renting at a price point well below area competitors which will allow for outsized rent growth post stabilization. The Richmond MSA is one of the Mid-Atlantic’s best performing economic and apartment markets with fundamentals which greatly outpace other peer markets and primary markets. Sphere Apartments provides investors the ability to acquire a best-in-class asset in a high growth location with additional upside potential in the rents in one of the region’s most dynamic pockets.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisor Group is pleased to present The Villages at City Center, a 116-unit asset in Newport News, Virginia. The Villages at City Center was built in three phases and is comprised predominately of townhome style units. This, coupled with varying unit styles offers ultimate leasing optionality for tenants which has contributed to steady operations and limited rental loss on a trailing basis. The Property’s location in the desirable Jefferson Avenue Corridor is among the best in the region, minutes from I-64 with significant high-end employment and retail offerings in close proximity. The asset is located adjacent to Newport News’s urban town center, City Center of Oyster Point and five minutes from one of only two Whole Foods Markets in the entire MSA adding to its appeal. The Villages at City Center offers investors various value-add strategies with renovation premiums of $125 proven out by current ownership and the ability exceed these premiums based on rents being achieved by similar assets in the immediate area. A substantial amount of capital has been invested in the asset by current and former ownership which limits downside risk and will allow a new investor to focus on income producing investment. The Hampton Roads apartment market has been one of the best performing in the Mid-Atlantic region with projected rent growth exceeding that of peer markets Richmond and Washington, DC. The Villages at City Center 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.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Woods of Williamsburg, a 125-unit asset in the highly desirable Williamsburg submarket. Woods of Williamsburg present investors a pure play value-add opportunity with 100% of units in classic condition. Nearby competitors average rents over $300 in excess of the asset and structuring a programmatic renovation of unit interiors could garner significant rent increases. The Property is located in James City County, one of the top demographic areas of the Hampton Roads region which adds to the asset’s appeal and upside potential. Woods of Williamsburg is one of very few workforce housing assets in Williamsburg, which continues to see new construction based on the favorable demographics, making it an increasingly rare Property which will accelerate its rental demand. It’s location proximate to some of the largest retail and employment nodes in the area adds to its significant appeal. Overall, the Hampton Roads apartment market has been one of the best performing in the Mid-Atlantic region with projected rent growth exceeding that of peer markets Richmond and Washington, DC. Fundamentals in Williamsburg are on par with or exceed the broader market. Woods of Williamsburg presents investors an opportunity to acquire a rare asset, that is in 100% classic condition with significant upside in one of the best demographic areas of the Mid-Atlantic’s best performing apartment markets.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Flats at Columbia Pike – a value-add asset in Silver Spring, MD outside of Washington, DC. The asset offers immediate scale and has been extremely well maintained with $3.1 million invested in capital improvements including 100% replacement of windows and sliders over current ownership’s three years of operations. The property is being sold with attractive assumable financing with a below market rate and two years of interest only remaining. Approximately 10% of units have been renovated, generating $200 rent premiums, and the ability exists to continue or expand upon the current renovation scope for additional rent increases. The ability to add or improve upon current amenities could also generate additional premiums. The property is uniquely positioned in Montgomery County, Maryland allowing residents access to unparalleled private and public employment, with multiple government agency headquarters, the University of Maryland, and the I-270 Life Sciences Corridor all less than 25 minutes away. Furthermore, the property is within walking distance of the White Oak Transit Center with coveted Flash Bus Rapid Transit service that runs along traffic-bypass lanes to fast track daily commutes. Overall, the asset’s outstanding condition, size, rental upside, and assumable financing in one of the most desirable metro areas on the East Coast make The Flats at Columbia Pike a rare multifamily investment opportunity.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the Alister Columbia Portfolio – a two-property value-add opportunity located in the highly desirable submarket of Columbia, Maryland. Both Alister Columbia and Alister Town Center Columbia have significant operational and in-unit renovation upside within exceptionally well maintained and amenitized assets. Columbia’s demographics are some of the best in the nation with median household incomes exceeding $115K per annum and one of the most sought-after public school systems in the country in Howard County. The area’s high quality of life, major employers, strong economic engine, and geographic positioning between Baltimore and DC have translated into outstanding renter demand. The Alister Portfolio will provide investors ample economies of scale within one of the region’s most coveted locales.