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. The Property is located in Chesterfield County with direct access to Jefferson Davis Highway and I-95, providing immediate connectivity to the entirety of the Richmond MSA, major regional employers, and prominent retail amenities. Built in 1964, Falling Creek offers investors the opportunity to acquire a value-add property in the expanding Richmond market. The property offers proven value-add upside, as it is currently achieving $155 premiums on renovated units, which was recently increased to $170 based on the significant demand. This provides new ownership with a clear path to increased rental income and upside, as 58% of the units are in classic condition. Additionally, Falling Creek’s market rents are among the lowest of the nearby competitive set, allowing room for further rent increases beyond the achieved renovation premium, especially since 30% of the units are townhome style. The property has been outperforming the broader market over the past year, with a 5.7% increase in gross potential rent, and stands to benefit from the high-growth submarket fundamentals, where rent is expected to grow by 4.5% over the next five years. Falling Creek has been exceedingly well maintained with over $2.87MM invested by current ownership alone on unit upgrades, systems improvements, common area upgrades, roof replacement, and general base building improvement and preservation, liming future risk for an investor. The significant upside potential of Falling Creek, combined with its desirable size and location within the stable and expanding Richmond economy, creates an attractive opportunity for a new investor.
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