Capstone Apartment Partners, is pleased to present two ideally positioned, stabilized assets: Jackson Pointe and Dutch Village. These properties possess significant physical and operational value-add potential that is in demand in today’s multi-family market. This rare opportunity offers a combined 162 units, which may be purchased individually or as a portfolio. Located in the thriving Richmond, VA MSA, Jackson Pointe and Dutch Village offer strong operational upside, upward trending occupancies, and present multiple cost effective methods of increasing NOI.
Jackson Pointe has undergone condo quality renovations for 100% of units at an approximate cost of $25,000/unit in recent years, and offers tenants the premier rental option in the submarket, given its proximity to downtown Richmond and its well-appointed, massive townhome style floor plans, including highly desirable and profitable full size washer/dryer connections in all units. As a result of additional recent capital improvements and the asset’s overall attractiveness to prospective tenants, the property has experienced an increase in EGI of more than 220% over the trailing 12 month financials, and is continuing to trend higher. Jackson Pointe still possesses significant upside potential via operational improvements, leasing previously down units, and implementation of a comprehensive utility savings program.
Dutch Village is currently 93.1% occupied (as of 12/01/15), trending towards high-90% physical occupancy by late December 2015 and still possessing significant upside potential through continued market rent increases, loss to lease reductions at renewals, the opportunity to finish the interior upgrade program and add washer and dryer connections for remaining units, and the prospect for units to be sub-metered for water/sewer by future ownership. This community fills the high demand among area tenants for high quality, family style housing within close proximity to area job centers and amenities. Dutch Village has undergone interior renovations in approximately 90% of its units, yet still offers tenants the premier rental option in the submarket given its nearby retail, excellent proximity to local employment and its well-appointed, large townhome-style floor plans—many of which include highly desirable washer/dryer connections. Although numerous recent capital improvements have been made on the buildings and systems of the community, the opportunity remains to effectively push rents on renovated units and achieve significant additional rent upside via the renovation of the remaining units while also improving community amenities.
Source: Top image by Ron Cogswell via https://creativecommons.org/licenses/by/2.0/.