- For sale
Colliers International Mid-Atlantic Multifamily Advisory is pleased to present Carriage Club Apartments, a prime value-add opportunity consisting of 297 spacious apartment homes in one of Richmond’s most affluent submarkets. The property occupies a strategic location less than a ¼ mile from the highly traveled intersection of Broad Street and Glenside Avenue and minutes to the Interstate 64 interchange, providing easy and efficient travel to the downtown central business district, Short Pump, Innsbrook, and all points of the Richmond MSA. Carriage Club benefits from proximity to an abundance of retail, key employment nodes, and Henrico County’s superior school system.
The property presents an ideal investment opportunity, specifically a value-add execution of investing capital to upgrade interiors and enhance common areas and green spaces to compete both against neighboring communities and new Class A product in the submarket. Only 40% of the property has been renovated leaving significant upside for future ownership to continue value-add improvements. Top-of-the-market competing properties are experiencing rent levels over $500 above current rents at Carriage Club, presenting an ideal setting for future ownership to continue improvements at the property. In addition, renovated units at Carriage Club are showing rent premiums in excess of $100 further justifying the value-add strategy. Rent growth projections in the West End submarket of Richmond are arguably one of the highest in the thriving Mid-Atlantic market. Average annual rent growth over the next five years is projected to be nearly 9% in the submarket providing investors with an exciting investment opportunity at Carriage Club Apartments.