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Richmond | 21Q1 Multifamily Research and Forecast Report

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“Over the past quarter, the Richmond multifamily market has fundamentally proved resilient with occupancy levels remaining high and rents continuing to rise. Supply is at historically high levels in all submarkets of the greater Richmond market but pent-up demand should result in strong absorption levels. General uncertainty surrounding interest rates, capital gains taxes, and 1031 exchanges have adversely affected sales volume in 2021, which is significantly off figures in the prior two years.” Charles Wentworth, Executive Vice President

Richmond’s multifamily market led the nation in rent growth through the beginning of the pandemic (March ‘20 - August ‘20), and has continued to prove resilient despite major macro-economic headwinds. With a healthy incoming pipeline of supply, stabilizing unemployment rate, and strong population growth, the Richmond multifamily market is positioned to perform well in 2021. (SOURCE: CoStar)

  • 5,665 units under construction or 5.77% of current inventory
  • Occupancy rate has remained stable at 93.8% in Q1 2021 despite economic shift due to the pandemic
  • Vacancy rate for the quarter reached 6.2% and is the lowest it’s been since 3Q18 at 6.1%
  •  Richmond’s effective rent rate in 1Q21 averaged $1,160, a 6.1%increase from 1Q20

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Richmond | 21Q1 Multifamily Research and Forecast Report

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Charles Wentworth

Executive Vice President

Richmond - North

Charles Wentworth has been actively involved in the commercial real estate field since 2007 focusing on multifamily acquisitions and sales in the Mid-Atlantic and Southeast. Charles joined the firm in 2012 to specialize in multifamily sales and represents private, high net-worth, and institutional clients in the central and western Virginia markets.  Since joining the firm, Charles has successfully completed transactions totaling $350 million.

Previously, Charles was an Associate for Apartment Realty Advisors (Now ARA Newmark) in Charlotte, North Carolina, one of the country’s largest multi-family brokerage firms. While an Associate with the firm, the group brokered nearly $2 billion of apartment communities in the primary, secondary, and tertiary markets of North Carolina and South Carolina.

Prior to starting a career in real estate, Charles held various sales and management positions with Ferguson Enterprises, the country’s largest supplier of plumbing, heating, and building products. Charles began his career with the firm as a management trainee in Tampa, Florida and was later promoted to management positions in Gainesville, Florida and Santa Monica, California.

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Garrison Gore

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Prior to joining the Capital Market Advisors Team, Garrison developed his foundation in commercial real estate by first interning with the firm, where he developed a broad understanding of the valuation of various property types including office, industrial, and retail throughout the Mid-Atlantic.

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During his career, Hankins has been involved in more than $1 billion in multifamily sales throughout the Hampton Roads and Richmond markets. In addition to dispositions, Hankins has also held the role as principal partner for Croatan Investments, leading their acquisitions team as it closed $125 million in multifamily property transactions in Virginia and North Carolina in a two-year period.

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Victoria Pickett

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As part of the Colliers International Multifamily Advisory Group, Victoria specializes in the exclusive listing of multifamily properties throughout Virginia. To date, Victoria has transacted 75 multifamily or multifamily land opportunities totaling in excess of $1.5B  in sales volume with her mid-Atlantic team. She earned "Rookie of the Year" in 2017 from Hampton Roads Commercial Sales and Leasing Achievement Awards. Pickett has seven years' experience in multifamily disposition or underwriting, with former roles as financial analyst, market researcher, and auditor.

Prior joining Colliers International, Victoria was Vice President of Multifamily Investment Sales with CBRE|Hampton Roads, part of the CBRE affiliate network. Before brokerage, she was Financial Analyst and Market Researcher where she led the underwriting of income producing properties and research reporting. 

Early in her career, Victoria worked as an auditor and consultant for DHG LLP, a top 20 public accounting firm, where she primarily served commercial real estate and financial institution clients, specializing in multifamily housing and bank lending operations. Prior experiences include audits of VHDA and HUD-assisted projects, multifamily property management consulting and compliance, and audits of development cost certifications.

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