Investment Overview

Offering Overview Marcus & Millichap proudly presents an exclusive opportunity to acquire the Sage Homes Portfolio, comprising three multi-family properties nestled in Chesterfield County and Hopewell County, Virginia. With a total of 112 units spanning 73,272 square feet across the trio of properties, this portfolio offers a compelling investment prospect. The Chesterfield County properties, Oakwood and Huntwood Apartments, along with Edgewood in Hopewell, VA, provide a diverse range of rental offerings in prime locations. Under new ownership, numerous value-added strategies can be implemented to enhance the net operating income (NOI) significantly. These strategies include but are not limited to, targeted capital improvements aimed at upgrading individual units and common areas, as well as streamlining operational efficiencies. The Assets The Sage Homes portfolio encompasses three properties situated in Chesterfield County and Hopewell, VA. In Chesterfield County, both Huntwood and Oakwood Apartments offer residents access to abundant outdoor recreational activities while also being conveniently located near major employers and retail centers. Huntwood Apartments boasts 32 one-bedroom units and occupies a 113,822 square-foot lot, with an 18,400-square-foot building constructed in 1974. Similarly, Oakwood Apartments features 32 two-bedroom units and occupies a 107,244-square-foot lot, with an 18,400-square-foot building constructed in 1975. Located in Hopewell, VA, Edgewood Apartments consists of 48 units, offering a variety of one-, two-, and three-bedroom apartment homes. Situated on a 206,836 square foot lot, Edgewood comprises six buildings totaling 36,472 square feet, constructed in 1970. Edgewood Apartments benefits from its proximity to essential amenities such as pharmacies and banks, as well as scenic attractions like the Hopewell Riverwalk and City Park. Additionally, popular establishments including Starbucks and Walmart are conveniently close. Interstate I-295 ensures swift connectivity, positioning Edgewood as a central and convenient hub for residents. The Investment Opportunity The portfolio presents an excellent opportunity to acquire a single asset or the portfolio of assets, all of which allow investors to capitalize on substantial value-add potential, including opportunities for rental rate adjustments, interior upgrades, and the addition of outdoor amenities. Furthermore, operational enhancements are anticipated to increase returns on this promising venture. This portfolio offers a remarkable opportunity to own properties in the growing Richmond, VA market. Chesterfield County has benefited from above-average population growth and, in the past three years, has grown by more than 32,000 residents. The average vacancy rate in Chesterfield County is 6.3%, and this favorable occupancy trend is expected to continue. The combination of robust historical occupancy and steady rent growth positions these areas as an ideal location for investors looking to enhance their portfolios.