Investment Overview

Marcus & Millichap has been selected to exclusively market for sale the Icon Studio Apartments in Bristol, VA. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in a growing regional economic hub. This offering provides investors the opportunity to acquire a well-located multifamily asset with meaningful upside through improved operations and stabilization. The property is currently operating below market potential, creating an opportunity to increase cash flow through more efficient expense management and stronger day-to-day operations. Its studio-focused unit mix serves a segment of the rental market that continues to see steady demand, while limited competing supply supports long-term occupancy fundamentals. With a basis well below recent valuation benchmarks and upside that can be realized without a major renovation program, the property presents a straightforward value-add opportunity in the Bristol market. Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing. At no point should tenants or staff be contacted regarding the sale of the Icon Studio Apartments.