5 Apartment Complexes-568 Units - RICHMOND, VIRGINIA!!!

[Hannah Sargent]

RICHMOND VIRGINIA/15 APARTMENT COMPLEXES/ 568 UNITS FOR SALE,

Price$35 MILLION +3%

15 properties (apartment complexes) that are for sale in Richmond Virginia

7.5% CAP rate

All within 5 city blocks within one another

Class B areas and Class C properties.

Plenty of room for cosmetic improvements to interior and increased rent tolerated

Average rent $600 a door

I am dealing directly with the seller on all of these and they are being sold as a portfolio for $35MM.

568 apartments.

All built 60's, 70's and 80's.

Nationally Recognized Property Management Company is handling all of them

Value Added Play

All Stabilized

All environmental performed as well as inspections

Upgrades to HVAC's, plumbing, roofs and electrical

Test Pilot with 15 units and minor cosmetic upgrades (new vinyl floors in kitchen and bathroom, black appliances) made with a rental premium of $150 a door tolerated

1.5 Miles from Downtown Richmond

Mature trees and plenty of green spaceGood area

Workforce market with higher medium incomes

This is the NDA that would need to be signed by any interested party (buyer) before releasing the decks, investment offering, T12, etc.