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  • For sale
Hickory Creek - #1

EXCEPTIONAL VALUE-ADD OPPORTUNITY WITH 21% ORGANIC RENT GROWTH IN LAST 3 MONTHS


Colliers is pleased to present Hickory Creek, 294 units with multiple paths to add value located in a fast-growing submarket of Richmond, VA. Built in 1985, 161 units (55%) are in unrenovated condition featuring white appliances and laminate countertops. 133 units (45%) were recently renovated with varying upscale finishes such as modern white cabinets, black or stainless-steel appliances, subway tile backsplash, hardwood-style floors, and granite countertops to generate monthly premiums over $210/unit. In good physical condition and already achieving outstanding organic rent growth, 21% on new leases and 11% on renewals over the last 3 months, new ownership can concentrate investment capital into revenue-generating improvements. Minutes from West Broad Village/Short Pump Town Center, major employers, and key transportation arteries to downtown Richmond, Hickory Creek is a proven value-add opportunity with the ability to push top-line revenue growth on day one.


 


15.5% SUBMARKET RENT GROWTH RANKS #1 IN RICHMOND


Surrounded by major employers and in-demand amenities, the Northwest Richmond submarket is projected to achieve incredible 15.5% rent growth in 2022 which ranks first among all submarkets in Richmond. The submarket is slated to realize 12.4% average annual rent growth from 2022 to 2023 which also outpaces all other submarkets over the same time period. New ownership will time value-add improvements perfectly with a rising market.