INVESTMENT HIGHLIGHTS
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Prime West End RVA Location Primed for Live-Work-Play: Located within immediate proximity to the sprawling Libbie Mill – Midtown area, RVA’s newest, most vibrant and livable community that forms the heart of the rapidly emerging Midtown area that encompasses over 200K square feet of walkable retail, restaurant and office space, and 700+ multifamily units. Notable nearby fan favorite amenities include The Brass Tap Craft Beer Bar, Crafted, and Shagbark.
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Affluent Location Between Downtown & Far West End: Commands a highly favorable midway location between Downtown (78K+ jobs) and the highly coveted Far West End that is home to a bustling commercial scene in the Short Pump retail trade area (1.4M square feet of retail) that is known as Richmond’s most affluent crown jewel. Median household incomes approximate $88K within a three-mile radius of the property.
Redefined Luxe Interior Amenity Package: To-date, 85 of the 98 total unit interiors have been completely rehauled with coveted up-to-the-minute finishes, achieving in-place premiums of $110 per unit. With nearby newer product (Wellsmith & Penstock Quarter) 2BR market rents averaging ~$1,000 greater, Crestwood at Libbie has substantial room to increase value through market-driven rent growth
EXECUTIVE SUMMARY
The Berkadia Real Estate Advisors Team is pleased to present the exclusive investment sales opportunity of Crestwood at Libbie (the “Property”), a charming 98-unit property located in Richmond, VA’s coveted West End that is an affluent jewel of Richmond metro. Crestwood at Libbie is located within the sprawling and expanding Libbie Mill – Midtown area, which is RVA’s newest, surprising, vibrant, and most livable community that forms the heart of the rapidly emerging Midtown area.
Libbie Mill-Midtown is a vibrant mixed-use, walkable community located at Staples Mill Road, Libbie Avenue and I-64. The 90-acre, in-fill development draws inspiration from Richmond’s Fan, Monument Avenue, and Shockoe Slip areas, making Libbie Mill – Midtown an authentic and uniquely livable community in RVA. The Libbie Mill-Midtown area as a whole comprises approximately 200,000+ SF of walkable office and retail space that is home to a diverse array of retail, restaurant and office tenants that features the likes of RVA’s The Brass Tap Craft Beer Bar, Crafted and Shagbark, to name a few.
Originally built in 1962, Crestwood at Libbie has been carefully redefined into one of the submarket’s most alluring luxe rental communities via ownership’s extensive interior renovation program where 85 of the 98 total units were completely rehauled with up-to-the-minute interior amenities that includes Quartz countertops, stainless appliances, white subway tile backsplashes and custom shaker cabinetry. The renovations are achieving in-place premiums of $110 per unit. The area’s highly favorable demographics positions the Property for continued success, as median household incomes in the 3-mile trade area exceed $88K per household, allowing the Property to capture the region’s highest income renters.
With the spiraling costs of homeownership that have turned the perennial rent-versus-own equation in favor to renters, multifamily investors in RVA are in prime position to continue capitalizing on the allure of the rental market. In Richmond, VA, average home prices have increased 9.6% in the past year alone to ~$350K, and a staggering 75% over the past 5 years. This combination of accelerating home prices and higher mortgage rates points to a more favorable rental environment.
Crestwood at Libbie is being offered on a Free & Clear Basis.
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Property Overview
• 98 Total Units
• Built: 1962
• Submarket: West End Richmond
• Average Unit Size: 658 SF
• Total SF: 64,484 SF
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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2342 Hampstead Ave, Richmond, VA 23230
658
AVG Unit SF
1962
Built
98
UNITS
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The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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Desirable Demographics: Median household income and home value within three miles of the property top $88K and $389K, respectively. Approximately 57% of the population also holds a bachelor’s degree or higher.
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Discount to Homeownership: Over the past five years, average home prices in RVA have increased by a staggering 75% to $350K, pointing to how home values have spiraled out of reach. The $2,391 monthly mortgage payment for the average $389K home (within a three-mile radius) substantially outpaces Crestwood at Libbie’s average market rent of $1,413.
4.
Desirable Demographics: Median household income and home value within three miles of the property top $88K and $389K, respectively. Approximately 57% of the population also holds a bachelor’s degree or higher.
5.
Discount to Homeownership: Over the past five years, average home prices in RVA have increased by a staggering 75% to $350K, pointing to how home values have spiraled out of reach. The $2,391 monthly mortgage payment for the average $389K home (within a three-mile radius) substantially outpaces Crestwood at Libbie’s average market rent of $1,413.
Miles Drinkwalter
Vice President
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
Miles Drinkwalter
Vice President
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Senior Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
6.
Mission-Eligible Asset: Property rents introduce possibility for advantageous agency financing initiatives.
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
6.
Mission-Eligible Asset: Property rents introduce possibility for advantageous agency financing initiatives
• Market Rent/Unit: $1,413
• Market Rent/SF: $2.15
• In-Place Rent/Unit: $1,292
• In-Place Rent/SF: $1.96
• Occupancy: 94.9% (as of 4/4/24)
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing