The River District Portfolio
600 Craghead Street Danville Virginia 24541
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BURGEONING ECONOMY with uniqe access to workers, businesses, and tourism from major markets in Virginia and North Carolina.
SHIFTING LEASING PARADIGM In 2024 leases at Dan River Mill will require residents to pay for electricity and covered parking. Until now, market leasing has been all inclusive. The new leases will range from $1,300 for 1b lofts to $2,100 for 3b lofts.
EXCELLENT TRACK RECORD of rent and NOI growth (see pg. 31 of the OM) without increased turnover or capital outlays.
UNIQUE MARKET MAKING OPPORTUNITY with additional acquisition and development opportunities to scale up in a very supply constrained market with opportunity zone benefits.
FULL OCCUPANCY, meticulously maintained assets, and experienced third party property management available on Day 1.
The River District Portfolio offers investors the first stabilized multifamily acquisition opportunity in Danville’s historic River District, where a remarkable economic and cultural transformation is underway. The River District encompasses Danville’s traditional central business district and historic tobacco warehouse district, which reflect its rich history dating back to the 1790s. The River District is the perfect compliment to Ceasar’s Casino and Resort, which has brought thousands of new jobs and injected hundreds of millions of dollars into the local economy. The River District Lofts are top-of-market assets, with irreplaceable style and unbeatable walkability. The City of Danville is working hand in hand with private capital to ensure the River District’s live/work/play dynamic continues to grow. The city’s efforts include multiple phases of streetscape improvements, public Wi-Fi hotspots, wayfinding signage, and public parks. Utilities have also been upgraded and parking access has been improved with new lots and traffic adjustments. A new trailhead and pedestrian lane on the Martin Luther King Jr. Memorial Bridge enhance connectivity between the beautiful River Walk and the River District Lofts.
DAN RIVER CROSSING
*River District Rent Comp
THE HARRIS BUILDING LOFTS
*River District Rent Comp
THE KNITTING MILLS
*River District Rent Comp
SUMMERLIN RIDGE
*Regional Rent Comp
THE POINT AT ST. MARKS
*Regional Rent Comp
BELLEVUE MILLS APARTMENTS
*Regional Rent Comp
ABOUT DANVILLE’S RIVER DISTRICT
The City of Danville implemented a development plan for its “River District,” generally consisting of the traditional central business district, historic tobacco wwarehousing district, and contiguous areas, and contiguous areas. This area has been the commercial and administrative heart of the city since 1790s.
Three phases of streetscape improvements are complete and a fourth phase is underway. These phases are bringing a fresh look to Main and Craghead streets, with new sidewalks, brick pavers, streetlight poles, benches and landscaping. Public, outdoor Wi-Fi hotspots are now available in the River District, and wayfinding signage and utilities upgrades are in place. Patton Street now allows two-way traffic to provide better access to businesses and parking lots serving stores on Main Street. New parking areas are open at 500 Main St. and the former Acree’s warehouse on Bridge Street. A completed parking study serves as a guide for the future. The new amenities also feature the JTI Fountain and Main Street Plaza, which quickly has become one of Danville’s favorite public gathering spaces. A new trailhead for the Riverwalk Trail is in place, and a pedestrian lane on the Martin Luther King Jr. Memorial Bridge connects walking trails on the north and south side of the Dan River. As a result of the new amenities, private investment is now outpacing public seeding by three to one. New to the River District over the last year is Ballad Brewing, the district’s first brewpub and a taco tequila bar, called Mucho Taqueria. Soon they will be joined by a specialty grocery store and a second brewpub. Urban living options continue to grow, with the continuing construction ofapartments for lease.
Today, the River District boasts a new look and vibe captures the spirit of change in the Danville community. The brand uses the tagline slogan: “Danville River District: Reimagine That.” The message is clear, here in the River District, the status quo is a no go.
600 Craghead Street, Danville, VA, USA
Ryan’s practice at One South Commercial focuses on investment and development site sales throughout Virginia. He brings a detailed, solutions-oriented approach to each transaction and has successfully represented a wide array of buyers and sellers on deals ranging from $1 million to $35 million. A Richmond native with a background in institutional real estate management, Ryan leverages a wide network of industry contacts and his experience “under the hood” to advise One South Commercial’s clients on everything from local sub-markets to national capital markets, and is ready and able to tackle anything in between.
Tom Rosman has been brokering investment real estate since the early 1990’s in the Richmond, VA, metro area. He has brought hundreds of transactions to a successful conclusion, including large apartment complexes, apartment buildings in historic neighborhoods, office buildings, retail properties, mixed use buildings, and numerous historic adaptive reuse properties.
Tom was one of the first brokers to recognize the transformative changes occurring in many of Richmond’s most architecturally significant but ignored neighborhoods. Having helped place many of the warehouses and other commercial structures in the hands of Richmond’s development community, Tom’s belief in what a property should be was never compromised by the condition it was in.
DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed
