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  • For sale
Misty Ridge - #1

Substantial Value-Add Upside – Proven Blueprint to Push Rent Growth

Colliers is pleased to present Misty Ridge, 409 units with multiple paths to add value located in Woodbridge, one of the fastest growing submarkets in Northern Virginia. 66 units (16%) are in original condition, featuring white appliances, tile floors, two-tone cabinets, and laminate countertops, and represent a blank canvas for a comprehensive value-add program. The remaining 343 units have varying unit interior renovations, including modern cabinets, stainless steel appliances, and granite countertops, that generate monthly premiums between $140 and $200/unit.

In good physical condition and achieving strong organic rent growth, 10.1% on new leases and 5.9% on renewals over the last 6 months, new ownership can focus investment capital on targeted revenue-generating improvements in all 409 units and leverage outstanding 12% effective submarket rent growth (Axiometrics) to push top-line revenue. Minutes from I-95, the Rippon VRE Station, and the dynamic Stonebridge at Potomac Town Center featuring Wegmans, Apple Store, and an Alamo Drafthouse, Misty Ridge provides an ideal commuter location to Fort Belvoir, Marine Corps Base Quantico, and major employers in Alexandria, Arlington, and Washington, DC.