- For sale
Colliers International Mid-Atlantic Multifamily Advisory is pleased to present the Carriage Gate Apartments, a 40-unit, Class B apartment community well-positioned within the thriving Charlottesville, Virginia market. Originally constructed in 2004, the property is owned and managed by the original developer. Strategically located only minutes from the University of Virginia, Sentara Martha Jefferson Hospital, downtown central business district, and an abundance of retail along Route 29, Carriage Gate presents investors with a rare value-add investment opportunity in Charlottesville. In addition, the property benefits from excellent access to the area’s main thoroughfares including Interstate 64 and Route 29 which provide easy commute times to the surrounding area and nearby metropolitan cities like Richmond and Washington, D.C.
Renters are attracted to the spacious 1,200+ square foot floorplans and diverse unit mix which appeal to a broad base of young professionals, graduate students, nurses, and doctors. Property amenities include a playground, 12 storage garages, and extreme proximity to retail, employers, and education. The property has been meticulously maintained, presenting future investors the opportunity to focus on creating value through operational upside, interior renovation program, and amenity enhancement.
Rents in the Charlottesville market have increased significantly in recent years, nearly 13.50% in the past 12 months. Investors will capitalize on the overall market trends in addition to the wide delta between in-place rents at Carriage Gate and those of competing communities. Overall, Carriage Gate offers investors a premier value-add investment opportunity in one of the most durable and desirable markets in the Mid-Atlantic.