Washington, DC Office

Cushman & Wakefield is pleased to present Ashton Square, a well-positioned multifamily asset in Richmond, VA, offering completed capital improvements, multiple facets of rent growth, strong submarket and demographics, versatile location, and employment. Current ownership has invested heavily into the property, executing a comprehensive capital program that includes new roofs, HVAC systems, hot water heaters, in-unit washers and dryers, common area renovations, and ongoing parking lot resurfacing. These improvements materially enhance the asset’s physical condition and significantly reduce capital expenditure requirements. Ashton Square offers upside driven by both in-place rent growth and renovations. Recent leasing activity has generated gross potential rent increases of up to 11.7%, while ongoing reduction of loss-to-lease supports a mark-to-market opportunity of roughly $140/unit. Interior finishes are predominantly classic, presenting an opportunity to renovate. Comparable upgraded assets in the submarket are achieving renovation premiums of $150–$175 per unit per month, supported by upgrades to kitchens, bathrooms, and fixtures. Additionally, the submarket has no units currently under construction, supporting sustained rental demand. Submarket fundamentals remain strong with 5.0% rent growth and sub-5% vacancy since 2015 and projections of 4.0% annual rent growth over the next five years, with vacancy remaining below 5%. Bordering the affluent Westover Hills and Forest Hills neighborhoods, Ashton Square benefits from a strong demographic profile that supports demand. The surrounding area features a median household income of $164,000, roughly 2x the Richmond MSA average of $85,000. The resident base is highly educated, with 72% of residents holding a bachelor’s degree or higher, and 85% employed in white-collar occupations. Located minutes from Downtown Richmond and major employment hubs including VCU Health, Chippenham Hospital, and CoStar Group (expanding to ~3,500 employees), Ashton Square benefits from strong access to a diversified job base. Major regional investments have entered the Richmond MSA including Amazon’s 2.7M SF fulfillment center, LEGO’s $1B facility, Tract’s 38-building tech park, and Virginia Commonwealth University’s $90M medical project, collectively reinforcing accelerating economic growth and long-term demand in the Richmond MSA.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Ravel & Royale on Strathmore Square, the Washington metro region’s premier luxury multifamily asset. Ravel & Royale on Strathmore Square was thoughtfully curated to be the only luxury rental community that appeals to the top percentile of the high-income demographic in the broader Potomac/Bethesda area. Buildings and unit orientation were designed to optimize view corridors of the immense surrounding green space highlighted by Rock Creek Park, a differentiator among properties along the retail-heavy Red Line corridor. This is further enhanced by a lush and vibrant community park steps from the entrance lobby, providing additional greenery and a tranquil community feel. The location is unique, connected to Bethesda and downtown Washington, DC and centered among high-end employment and prestigious institutions. The asset is connected to Strathmore, a 16-acre community dedicated to the arts that provides residents refined programming including performing arts, various renowned symphony groups, public art and Afternoon Tea at The Mansion among other cultural amenities. The spacious units at Ravel & Royale, at 1,145 square feet on average, are tailored to affluent and mature renters by choice, with the largest square footages of any property in the area. The timeless European inspired interiors, floor-to-ceiling windows, luxurious bathrooms, large closets and differentiated floorplans include substantial outdoor living space with private gardens that closely mimic luxury single family homes in the immediate area. Ravel & Royale is an oasis tailored to a high-end clientele in both product, experience and accessibility. The unique combination of location, luxury and ultra-high-end demographics is unmatched within the Washington metro, making Ravel & Royale on Strathmore Square a highly differentiated, generational investment opportunity.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Connelly, a 192-unit, value-add asset in Portsmouth, Virginia. The Property is located minutes from I-64 and Route 460, providing immediate connectivity to the entirety of the Hampton Roads MSA and easy access to significant high-end employment and retail offerings in close proximity. Built in 1972, the property offers proven value-add upside, as it is currently achieving $150 premiums on renovated units, with room to push premiums closer to $200 based on nearby renovated comparable properties. This provides new ownership with a clear path to increased rental income and upside, as 80% of the units remain in classic condition. The property stands to benefit from the impressive local apartment market fundamentals, as rents have grown by 4.1% year-over-year with sub 4% vacancy in Hampton Roads , and rents in the Portsmouth submarket have grown by 4.6% year-over-year, both of which exceed that of peer markets Richmond and Washington, D.C. Additionally, there are 0 multifamily units under construction within a 5-mile radius of the Connelly, creating an ideal supply-demand balance that will continue to place upward pressure on rents for the foreseeable future. The local area boasts exceptional demographics, as the population within a three-mile radius of the property has grown by 14.6% since 2010, with a median household income of $85,946 and 67% of residents are employed in white collar professions, all of which outpace the broader MSA. The property has been exceedingly well maintained by current ownership with investments on in-unit renovations, amenity creation, common area upgrades, and general base building improvement and preservation, limiting future capital risk and allowing a new investor to focus on income producing investment. The Connelly 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 Ascend Pinegrove, a Class A multifamily community in La Plata, Maryland, within Charles County, one of the fastest-growing counties in the Washington, D.C. MSA. Located approximately 28 miles from Downtown Washington, D.C., the property offers a modern, amenity-rich living experience at a materially lower cost than nearby Prince George’s County while remaining within a reasonable commute of major employment hubs. Ascend Pinegrove also benefits from strong economic indicators driven by significant federal and defense/technology investment nearby, led by the $2.7 billion Energetics Comprehensive Modernization Plan at the Naval Surface Warfare Center Indian Head Division and the expanding Indian Head Technology Corridor. These drivers support continued high-wage job growth and durable rental demand. The asset is further differentiated by its location in a non–rent-controlled jurisdiction, a highly supply-constrained submarket with limited Class A competition, strong demographic growth, and immediate access to established and planned retail amenities. This positions Ascend Pinegrove as a compelling long-term multifamily investment opportunity in the Washington, D.C. metro.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Crescent at Chevy Chase, a newly constructed asset located in Chevy Chase, Maryland, one of the wealthiest suburbs in the broader DC metro area. The Property is located squarely in the path of growth, as it is just a 5-minute walk to the Connecticut Avenue Purple Line stop, which is currently under construction and will be delivered in December 2027, providing transit access from New Carrollton to downtown Bethesda. This transit expansion will provide easy access to the haven of amenities in downtown Bethesda, which has over 1.7M SF of retail space and is the home of numerous Fortune 500 companies. The property’s location also allows for easy access to I-495 and I-270, providing access to the bulk of suburban Maryland’s prominent federal and regional employers, including the NIH, Marriott International Headquarters, Walter Reed National Medical Center, Suburban Hospital, Lockheed Martin, and the broader I-270 Biotechnology Corridor which is the pre-eminent research corridor in the country with over 300 biotech companies and more than 50,000 employees. The demographics within a one-mile radius of the property are among the best in the region, as median household income, bachelor’s degree attainment, and white-collar employment all exceed those of Montgomery County and the Washington DC MSA. On top of this, the average monthly mortgage payment needed for the median home sale price in Chevy Chase is 146% higher than the average effective rent in the Chevy Chase submarket, further driving foot traffic to rental housing. The property was constructed to LEED certification standards, resulting in a full county tax abatement through 2028, boosting the property’s appeal and value for future ownership. Crescent at Chevy Chase is an ideal opportunity to acquire a best-in-class asset in a dynamic location with rental and operational upside potential, at an attractive discount to replacement cost.

Cushman & Wakefield is please to offer for sale Revel (the “Property”), a 393,240 SF newly constructed trophy mixed-use asset consisting of 500 multifamily units, 39,177 SF of retail space, and a 130-space commercial parking garage in Washington DC within the NoMa neighborhood. Revel is a 12-story, pre-stabilized mixed-use asset that offers premier amenities including a penthouse clubroom, rooftop terrace, rooftop pool, courtyard, fitness center, pet spa, direct access to the adjacent hotel rooftop bar and much more. In September 2022, residents began moving into the asset. Revel is currently 97% leased for multifamily (including Churchill) and 72% leased for the retail. Revel provides an investor the opportunity to acquire an exciting trophy asset in a premier location that drives outsized growth and metro-leading absorption.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Colonel – a core plus, mixed-use asset in Shaw, Washington, DC’s rapidly expanding and hippest neighborhood. The Colonel’s prime location allows for unparalleled access to Blagden Alley, with its unique mix of history, modern mural art, and world class bars and restaurants. The minimarket around the property is supply-constrained, with only one delivery expected over the next 12 months. Moreover, a study of rent comps demonstrates $200+ monthly rent increases can be unlocked through renovating the remaining units to a similar standard. The submarket’s demographics show that the 25-to 34-year-old young professional segment is the largest and fastest-growing, and residents at the property are one block away from the nearest metro station, providing direct access to employment, DC’s waterfront, and Northern Virginia. Overall, The Colonel occupies the best location in DC’s most desirable residential and entertainment enclave and features rental upside within a supply-constrained minimarket, making it a one-of-a-kind multifamily investment opportunity.