Washington, DC Office

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.

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 Group is pleased to offer Rosser Avenue, a best-in-class 90-unit, single-family build-to-rent townhome community located in Waynesboro, Virginia. The property will be offered as a forward takeout, with construction starting in July 2025, first CO expected in October 2025, and final CO expected in August 2026. Rosser Avenue is a one of-a-kind asset, as it will be the only single-family, build-to-rent community in the immediate area with limited market rate rental competition, which will keep demand consistently strong. The single-family style townhomes offer unique features that you would not find in an apartment building, and the unit finishes exceed that of comparable for-sale homes. The property has easy access to over 2.63M SF of retail amenities and is close to I-64 and I-81, providing convenient access to Charlottesville, Staunton, and other areas of Central and Southwest Virginia. Additionally, Richmond and popular recreational destinations throughout the Blue Ridge Mountains are all within an easy drive. The demographics surrounding Rosser Avenue are exceptional, with main indicators exceeding that of the broader MSA including population growth, percentage of renters, median household income, and white-collar employment. Furthermore, the Waynesboro area’s rent has increased by 6.51% year over year as of Q4 of 2024 and is projected to increase by an average of 5.10% over the next five years, creating the runway for additional rent growth at Rosser Avenue. The property is also being offered at a desirable discount to for-sale housing, with comparable median home listing values reaching $479,000, which will create outsized demand for rental product. The scarcity of build-to-rent and single-family townhome rental communities in the Mid-Atlantic, combined with the impressive local market fundamentals and demographics, present investors with a unique opportunity to acquire a brand new, well-performing asset in the high growth Waynesboro market.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Colonel – a value-add, 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, The Colonel holds proven renovation upside with 3 renovated units to date achieving ~$200 premiums and 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.

Cushman & Wakefield’s Mid Atlantic Multifamily Group is pleased to offer Maple Grove Apartments, a newly constructed, best-in-class 66-unit, single-family build-to-rent, 55+ community located just outside of Richmond, Virginia. Maple Grove is a one-of-a-kind asset, as it is the only 55+ community in the immediate area with no market rate rental competition, which will keep demand consistently strong. The single-family style homes offer unique features and amenities that you would not find in an apartment building, and the unit finishes exceed that of comparable for-sale homes. The property’s location in Central Virginia along the I-95 Corridor allows for an easy drive to the Richmond, Hampton Roads, and DC metro areas, along with the Blue Ridge Mountains. The local demographics are exceptional, as population growth, bachelor’s degree attainment, and whitecollar employment all exceed those of the broader Richmond MSA, creating an affluent renter by choice. Additionally, the property’s gross potential rent growth over the past year is outperforming the submarket and the broader MSA, and the submarket’s projected rent growth over the next five years is also greater than the MSA, allowing for outsized rent growth going forward. The scarcity of build to-rent and single-family rental communities in the Mid-Atlantic, combined with the impressive local market fundamentals and demographics, present investors with a unique opportunity to acquire a brand-new, well-performing asset in the high growth Richmond market.

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group in conjunction with Thalhimer’s Capital Markets Group is pleased to present The View at 777 (the “Property”), a renovated, upscale 72-unit apartment community in the desirable City of Salem submarket of the high-growth Roanoke, Virginia MSA. The investment offers attractive, assumable fixed-rate financing appropriately sized at a below market interest rate. Current ownership has invested over $575,000 in capital improvements, transforming The View at 777 into a best-in-class community that appeals to more affluent tenants. The property has undergone comprehensive renovations in recent years, including extensive exterior improvements and systems-level replacements as well as in-unit upgrades. Theses strategic enhancements position The View at 777 as a standout performer within its competitive set and have directly correlated with meaningful rent growth. Located less than a mile from walkable downtown Salem, the cultural and economic hub of the submarket, The View at 777 also benefits from proximity to a wide variety of cultural, educational, and healthcare institutions, along with strong employment drivers. The MSA is currently experiencing a historic economic expansion with employment growth surpassing Virginia’s average, and total employment at an all-time high. This trend is expected to continue with several high-profile economic developments underway. With all major capital expenditures complete, The View at 777 is poised for long-term operational stability and revenue growth, offering investors a rare opportunity to acquire a fully repositioned turnkey asset in one of the region’s most desirable submarkets with strong cash flow based on attractive assumable financing and value appreciation potential.