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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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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 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.
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Under Contract
Ravensworth Towers
219 Units
4327 Ravensworth Rd
Annandale, VA  22003
Posted: 10/4/2018
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Rushmore, a 117-unit Class AA apartment community currently under construction in one of Washington, DC’s most iconic neighborhoods. The Property is expected to be completed in the Winter of 2019 and is being offered as a presale opportunity. The Rushmore will be best-in-class with unobstructed views of the United States Capitol Building and condo quality interior finishes and amenities. The Property is positioned in Capitol Hill, one of the District’s most sought after neighborhoods within walking distance to the Eastern Market and Potomac Avenue Metro stations as well as significant retail and entertainment destinations in Barracks Row. The Property’s exceptional location and asset quality presents investors with a rare opportunity to acquire a newly constructed, vacant, Class AA apartment community in one of the District’s most highly desirable neighborhoods.
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The Rushmore
117 Units
1220 Pennsylvania Avenue SE
Washington, DC  20003
Posted: 7/17/2019
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 and Baltimore MSA’s. Tremendous immediate employment in Urbana, Frederick and the I-270 Technology Corridor combines with access to Northern Virginia’s major employment nodes to create 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 assigned schools are driving the Property to grow Gross Potential Rent 5.21% over the year which is significantly outperforming the greater market. These trends should continue with effective rents in the Frederick submarket projected to grow 3.08% annually from 2020 to 2024, keeping property operations at Urban Green strong moving forward.
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Coming Soon
Urban Green
352 Units
3300 Galena Drive
Frederick, MD  21704
Type: Conventional
Posted: 1/6/2020