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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.
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220 2nd St. SE
13 Units
220 2nd Street SE
Washington, DC  20003
Posted: 1/23/2020
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Crystal Lakes, a 716 unit opportunistic apartment investment in one of Richmond’s strongest submarkets. The current owner has invested significant capital to cure deferred maintenance at the Property and has implemented a renovation program on approximately 35% of the units, which has resulted in significant rent premiums. Of the 716 units, 128 are in unrentable condition. Of the remaining 588 units, approximately 340 are in their original condition, while 125 have been moderately renovated, and another 125 have been fully renovated. The moderately renovated units are achieving a 15% rent premium above units still in their original condition, while fully renovated units are achieving a 38% premium. New ownership will have the unique opportunity to renovate and bring the down units online, renovate units in original condition and upgrade moderately renovated units to generate maximum rent increases and reposition the Property at the top of the competitive set.

The Property is located in Chesterfield County, one of the Richmond MSA’s premier jurisdictions with some of the region’s top schools and quality of life. The Property’s location, along with its unique townhouse style construction, creates consistent renter demand and a significant competitive advantage in the market. The unique opportunistic characteristics and large scale of Crystal Lakes make it truly a one of a kind offering that presents investors with proven value-add upside and significant future growth prospects in one of the Mid-Atlantic’s best performing economies.
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Under LOI
Crystal Lakes
716 Units
3501 Meadowdale Boulevard
Richmond, VA  23234
Posted: 9/17/2019

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to offer Meadow View Townhomes, a premier workforce housing community in Newport News, VA, one of the Hampton Roads MSA’s best locales. Newport News is experiencing a prolonged economic growth cycle that is derived from increasing levels of federal spending. The Department of Defense budget is set through 2024, creating economic certainty from increased spending while Newport News Shipbuilding is currently carrying a $45B backlog. This stable economic activity will filter into Class B and C apartment fundamentals in Newport News as the submarket’s rent growth strongly correlates with DoD spending in the region. Rent growth at the Property level has also outpaced the broader submarket with most recent leases showing even more elevated trends. Numerous value enhancing strategies are being proven out at the property which will add significant NOI growth in Year 1. Further, current ownership has invested significant recent capital into the Property to limit risk associated with deferred maintenance and allow new ownership to focus on revenue generating items.

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Meadow View Townhomes
400 Units
4801 Marshall Avenue
Newport News, VA
Posted: 6/12/2020

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 Dr
Salem, VA  24153
Type: Conventional
Posted: 6/11/2020
Cushman & Wakefield is pleased to present Urban Green Apartments, a 352 unit Class A apartment community in Urbana - Frederick, MD’s most exclusive rental market. The Property’s location proximate to the region’s most trafficked accessways, I-270 and I-70, provides direct connectivity to the largest economic engines in the greater Washington, DC MSA. Convenient access to tremendous employment in Urbana, Frederick, the I-270 Technology Corridor and Northern Virginia is creating sustained demand from an affluent renter base. Additionally, the Frederick County Public School System creates a significant draw for younger renters who are looking for the unique combination of a top-tier education system at a relatively affordable cost of living. This increased demand is creating strong apartment market fundamentals with effective rent growth in the submarket of 3.75% YoY in Q4 2019 and vacancy of just 3.94%. Urban Green’s exclusivity in the submarket and premier school district are driving the Property to grow Gross Potential Rent 4.34% over the year which is significantly outperforming the greater market. Property operations at Urban Green will remain strong moving forward due to a severely supply constrained development pipeline and projected annual effective rent growth of 3.08% in the Frederick submarket from 2020 to 2024.
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On Hold
Urban Green
352 Units
3300 Galena Drive
Frederick, MD  21704
Type: Conventional
Posted: 1/6/2020