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Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Berkeley-Warwick Place Townhomes, two apartment communities totaling 265-units located in Richmond, VA. The Properties are well located, both adjacent to one of the Richmond metro’s largest hospitals, with access to significant employment and retail amenities within a short drive. The Properties offer additional value-add upside through the implementation of an interior unit renovation being proven out in the broader submarket with the ability to gain operational efficiencies through expense reduction. Berkeley-Warwick Place presents investors with the opportunity to acquire well located, value-add apartment communities with substantial growth prospects in the expanding Richmond economy.
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Berkeley & Warwick Place
265 Units
2231 Chalfont Drive
Richmond, VA  23224
Closed: 5/29/2019
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Crowne at Swift Creek, a 312-unit apartment community located in one of the Richmond area’s most desirable suburbs. The Property, built in 2004, features high-end amenities and unique unit features which mirror newly constructed communities. The Property has achieved rental premiums associated with a kitchen and bath renovation program which can be expanded upon to match finish levels with new communities for additional rent increases. The Property is located in one of Richmond’s most desirable submarkets with demographics which greatly exceed the broader MSA. Significant big box and convenience retail surrounds the Property with access to VA-Rt 288, an important regional throughway which connects employment centers along I-95 and I-64, minutes away. Crowne at Swift Creek’s exceptional location, and asset quality make it a rare opportunity to acquire a 2004 vintage, value-add asset in the expanding Richmond market.
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Crowne at Swift Creek
312 Units
13101 Lowery Bluff Way
Midlothian, VA  23112
Closed: 1/29/2019
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Crystal Lakes a 716-unit townhome and apartment community located in Richmond, VA. Built between 1967 and 1973, Crystal Lakes offers the ability to acquire one of the largest communities in the Richmond MSA in a distressed situation. The Property has 123 units in unrentable condition and bringing these units back online with a higher finish level can garner rental premiums consistent with other renovated properties in the broader submarket. Additional value can be added through washer and dryer installation. The Property is located in desirable Chesterfield County with direct access to Chippenham Parkway and the balance of the Richmond MSA. Crystal Lakes presents investors with the rare opportunity to acquire a large REO distressed asset with significant current cash flow and value-add upside within the stable and expanding Richmond economy.
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Crystal Lakes
716 Units
3501 Meadowdale Boulevard
Richmond, VA  23234
Closed: 9/27/2017
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Falling Creek Apartments, a 348 unit apartment community with 3 commercial spaces, located in Richmond, VA. Built in 1964, Falling Creek offers investors the opportunity to acquire a value-add property in the expanding Richmond market. Unit enhancements were recently completed in a number of units. The opportunity exists to further upgrade kitchens and bathrooms to increase rents consistent with similar upgrades in the immediate submarket. The Property is located in desirable Chesterfield County with direct access to Chippenham Parkway and I-95 providing immediate connectivity to the entirety of the Richmond MSA. Falling Creek Apartments presents investors with the opportunity to acquire a large, value-add apartment community with significant future growth prospects within the stable and expanding Richmond economy.
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Falling Creek Apartments
348 Units
2530 Marina Drive
Richmond, VA  23234
Closed: 8/8/2018
Heritage Trace is a 200-unit value-add apartment community located in Newport News, VA. Built in 1973, Heritage Trace has tremendous value-add upside through the implementation of a comprehensive in-unit renovation with rent increases currently being proven out in the competitive set. The ability to meaningfuly decrease expenses also exists. The Property’s highly desirable location within close proximity to the region’s best retail amenities, major employers and large thoroughfares adds to the Property’s appeal. Heritage Trace’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 Hampton Roads economy.
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Heritage Trace
200 Units
168-A Heritage Way
Newport News, VA  23602
Closed: 6/1/2017
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Hidden Creek Apartment Homes, a 300 unit luxury apartment community in one of Maryland’s most sought after locales. The Property, built in 2012, combines high quality unit finishes with best in class amenities which are unrivaled in suburban apartment communities. The Property’s position along the I-270 technology corridor with immediate access to some of the region’s largest employers provides consistent tenant demand from high-earning renters by choice. Hidden Creek is being offered subject to an in-place loan with below market interest rate and accretive LTV. Hidden Creek’s exceptional location within Montgomery County, Maryland and top of the market unit features and amenities make it a rare opportunity to acquire a high-quality asset with attractive in-place cash flow in the expanding Washington metro regional economy.
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Hidden Creek
300 Units
430 Allied Place Suite 1110
Gaithersburg, MD  20877
Closed: 8/30/2019
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Island Club Apartments, a 144-unit apartment community located in Salisbury, MD. Built in 1987, Island Club offers investors the opportunity to acquire a proven value-add apartment community within the stable Salisbury market. The Property can be repositioned through upgraded kitchens and bathrooms, garnering additional rental premiums and creating a distinctive advantage against its competitive set. The Property’s convenient location within Salisbury provides direct access to the region’s major employment, retail, lifestyle amenities and major roadways. Island Club presents investors with the opportunity to acquire a proven value-add community within an opportunity zone that has strong future growth prospects in the stable Salisbury economy.
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Island Club
144 Units
1500 Sharen Drive
Salisbury, MD  21804
Closed: 1/2/2019
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the City Center Portfolio, a 500-unit, four property portfolio located in Newport News, Virginia. The Properties - Kingstowne (1974 & 1985), Boston Cove (2008), Forrest Court (1971), and Victoria Place (1985) - exhibit strong value-add fundamentals with in-unit renovations which can generate significant rent increases, proven out within the broader submarket. A substantial amount of capital has been invested in the Properties that limits downside risk associated with deferred maintenance and will allow a new investor to focus on income generating renovations. Additionally, the Portfolio is being offered at a price significantly below replacement cost, providing investors with an incredibly attractive acquisition basis relative to newly constructed Class A properties. The Properties are strategically located around Newport News’ premier mixed-use development, City Center at Oyster Point, and have immediate access to I-64 only minutes away. The City Center Portfolio is a rare opportunity to combine irreplaceable Newport News locations and immediate scale with additional upside in the vastly expanding Hampton Roads market.
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Kingstowne
384 Units
500 Oscar Loop
Newport News, VA  23606
Closed: 1/21/2020
The Cushman & Wakefield Mid-Atlantic Multifamily Advisory Group is pleased to present Lee’s Landing a 136-unit value-add apartment community located in Newport News, VA. Built in 1987, Lee’s Landing has proven value-add upside with light in-unit renovations generating additional rental premiums. Investors will have the ability to continue or enhance these existing renovations. The Property’s highly desirable location with immediate access to major employers in Williamsburg and Newport News adds to the Property’s appeal. Lee’s Landings exceptional location, renovation upside and recent capital invested 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 market.
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Lee's Landing
136 Units
104 Republic Road
Newport News, VA  23603
Closed: 1/1/2018