- For sale
Colliers International Mid-Atlantic Multifamily Advisory is pleased to present Forest Ridge Apartments, a prime value-add opportunity consisting of 135 spacious apartment homes in Richmond’s most desirable submarket. The majority of the property consists of townhome-style floorplans, appealing to a broad renter base. The property occupies a strategic location, less than a ½ mile from the Chippenham Parkway interchange and minutes from the highly traveled Powhite Parkway, providing easy and efficient travel to the downtown central business district, Short Pump, Innsbrook, and all points of the Richmond MSA. Forest Ridge benefits from proximity to an abundance of retail along the thriving Forest Hill Avenue corridor including premier shopping and dining destinations at The Shops at Stratford Hills and Chippenham Forest Square. In addition, there is a Food Lion anchored shopping center with additional popular restaurants and shopping options adjacent to Forest Ridge.
The property presents an ideal investment opportunity, specifically a value-add execution of investing capital to upgrade interiors and enhance green spaces. Current ownership has invested significant capital in recent years to replace roofs and windows and stripe and seal the parking lot, allowing future ownership to focus solely on improving interior finishes and raising rents to effectively compete against neighboring communities. Rent growth projections in the “Southside” 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 Forest Ridge Apartments.