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Multifamily

Seven Hills Portfolio

1501 W Leigh St, Richmond, VA 23220

Listing Price: $11,850,000

Cap Rate
5.04%
Number of Units
31
Occupancy
97.0%
Price/Unit
$382,258

Investment Overview

Marcus & Millichap is pleased to present the Exclusive Offering of the Seven Hills Portfolio in Richmond, VA. This portfolio consists of 31 cash-flowing, student rental properties located in just blocks from Virginia Commonwealth University in the flourishing Carver Neighborhood and its sister community, Hartshorn. Each property is impeccably kept with an aggressive deposit recapture program which reinvests tenant deposits into any damage caused during the rental term. Each property has one lease, but fosters a rent-by-bed model maximizing rents for each property. There are two contiguous portions this portfolio worth noting: six (6) contiguous parcels on W Clay totaling ## acres, and five (5) contiguous parcels on W Leigh St at the popular North Lombardy intersection totaling ## acres. Each rental is in close proximity to each other and the neighborhood’s proximity to VCU is an attractive location for young professionals and students. The Carver and Hartshorn rentals fill a demand for off-campus student housing for the University. Settled in the 1840-50s, Richmond's historic Carver neighborhood gave rise to many of the city's successful businesses which supplied much of the millwork and bricks that built Victorian Richmond. Carver’s charm meshes old Richmond with new making it one of the city's hottest rental neighborhoods. Richmond, is the capital of the Commonwealth of Virginia. Centrally located in the state, Richmond, is 62 square miles steeped in history and politics. As a metropolitan area the city nurtures a culture rich in, education, the arts, and economic growth. Home to six Fortune 500 company headquarters including: Altria, Dominion Resources, and Westrock. Richmond attracts many employees and employers alike. The city employs over 130,000 and is home to over 33,000 students. The Universities flourish in Richmond, notably VCU, which is designated as one of the fastest growing universities in the country with a 40% growth rate over the past 10 years. Richmond has seen an impressive growth in average rental rates – especially in the upper to mid-range asset class. Since the global pandemic, Richmond has seen a historically high occupancy rate of 97% and due to the housing shortage nationally, it is expected to continue through 2023. The high occupancy across the Richmond MSA is also contributing to massive percentage increases in year-over-year rent which has been as high as 15% on new leases. 31 Cash Flowing Assets in Popular College Rental Neighborhood Impeccably Maintained Single Family Student Oriented Rentals Optional In-place Third Party Management High Demand Student Housing and Young Professional Neighborhood All Properties Located in Close Proximity to One Another

Investment Highlights

  • 31 Cash Flowing Assets in Popular College Rental Neighborhood
  • Impeccably Maintained Single Family Student Oriented Rentals
  • Optional In-place Third Party Management
  • High Demand Student Housing and Young Professional Neighborhood
  • All Properties Located in Close Proximity to One Another

Exclusively Listed By

Multifamily

Seven Hills Portfolio

Listing Price: $11,850,000

Cap Rate
5.04%
Number of Units
31
Occupancy
97.0%
Price/Unit
$382,258

Investment Highlights

  • 31 Cash Flowing Assets in Popular College Rental Neighborhood
  • Impeccably Maintained Single Family Student Oriented Rentals
  • Optional In-place Third Party Management
  • High Demand Student Housing and Young Professional Neighborhood
  • All Properties Located in Close Proximity to One Another

Investment Overview

Marcus & Millichap is pleased to present the Exclusive Offering of the Seven Hills Portfolio in Richmond, VA. This portfolio consists of 31 cash-flowing, student rental properties located in just blocks from Virginia Commonwealth University in the flourishing Carver Neighborhood and its sister community, Hartshorn. Each property is impeccably kept with an aggressive deposit recapture program which reinvests tenant deposits into any damage caused during the rental term. Each property has one lease, but fosters a rent-by-bed model maximizing rents for each property. There are two contiguous portions this portfolio worth noting: six (6) contiguous parcels on W Clay totaling ## acres, and five (5) contiguous parcels on W Leigh St at the popular North Lombardy intersection totaling ## acres. Each rental is in close proximity to each other and the neighborhood’s proximity to VCU is an attractive location for young professionals and students. The Carver and Hartshorn rentals fill a demand for off-campus student housing for the University. Settled in the 1840-50s, Richmond's historic Carver neighborhood gave rise to many of the city's successful businesses which supplied much of the millwork and bricks that built Victorian Richmond. Carver’s charm meshes old Richmond with new making it one of the city's hottest rental neighborhoods. Richmond, is the capital of the Commonwealth of Virginia. Centrally located in the state, Richmond, is 62 square miles steeped in history and politics. As a metropolitan area the city nurtures a culture rich in, education, the arts, and economic growth. Home to six Fortune 500 company headquarters including: Altria, Dominion Resources, and Westrock. Richmond attracts many employees and employers alike. The city employs over 130,000 and is home to over 33,000 students. The Universities flourish in Richmond, notably VCU, which is designated as one of the fastest growing universities in the country with a 40% growth rate over the past 10 years. Richmond has seen an impressive growth in average rental rates – especially in the upper to mid-range asset class. Since the global pandemic, Richmond has seen a historically high occupancy rate of 97% and due to the housing shortage nationally, it is expected to continue through 2023. The high occupancy across the Richmond MSA is also contributing to massive percentage increases in year-over-year rent which has been as high as 15% on new leases. 31 Cash Flowing Assets in Popular College Rental Neighborhood Impeccably Maintained Single Family Student Oriented Rentals Optional In-place Third Party Management High Demand Student Housing and Young Professional Neighborhood All Properties Located in Close Proximity to One Another

Exclusively Listed By

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