- For sale
Significant Value-Add Upside In An Affluent Submarket Of Richmond, VA
Colliers is pleased to present Summit at Bon Air, 296 units with immediate value-add upside located in an affluent pocket of Richmond, minutes from Target, Costco, Trader Joe’s, and major employers. The property offers a clear path to add value with 78 units in unrenovated condition featuring black appliances, original cabinets, and laminate countertops. 218 units have strategic interior upgrades generating monthly premiums of $147 to $289/unit/month. In good physical condition and offering a comprehensive amenity package, new ownership can focus capital on revenue-generating improvements. Next to the Johnston-Willis Hospital and less than 20 minutes from downtown Richmond, Summit at Bon Air provides the ability to unlock a minimum of $150,000 in untapped annual revenue.
Outstanding Market Rent Growth In Chesterfield County From 2022 to 2025
With good schools and a rapidly growing tenant base, Chesterfield County is one of the most stable submarkets in Richmond. Projected to achieve an incredible 13.1% effective annual rent growth in 2022, Chesterfield County is slated to achieve 7.7% annual rent growth from 2022 to 2025, outpacing the Richmond MSA and every major market in the Mid-Atlantic over the same time period. New ownership will time value-add improvements perfectly with a rising market.