- For sale
SIGNIFICANT VALUE-ADD SCALE & UPSIDE IN RICHMOND, VA
Colliers is pleased to present Acclaim at Carriage Hill, an active 55+ adult community with significant value-add upside located in Richmond, VA. One of the only market rate senior communities in Richmond, new ownership is afforded substantial value-add scale, investment flexibility, and ability to capture proven renovation premiums on day one. Of the property’s 664 units (rent roll as of 12/20/2021), 90% are in original condition and primed for value-add improvements. Original units feature laminate countertops, white appliances, and tile flooring. Current ownership renovated 64 units (58 completed and 6 in process) with modern white cabinets, black appliances, backsplash, higher-end laminate countertops, and hardwood-style flooring, generating impressive average monthly premiums of $220/unit. New ownership can continue the successful renovation program or elevate all units to an even higher price point. In excellent physical condition and achieving incredible organic rent growth, 22% on new leases from April 2021 to October 2021, Acclaim at Carriage Hill allows capital to be focused on revenue-generating improvements. Well-located between three hospitals and minutes to Short Pump Town Center, Acclaim at Carriage Hill represents the perfect value-add opportunity.