UNDER CONTRACT | Graystone Place Apartments | 2394 Afton Ave Richmond, VA 23224
About This Property
One South Commercial is pleased to present for sale Graystone Place Apartments, a 135 unit LIHTC apartment community located in thriving Richmond, Virginia. High quality affordable housing in Richmond is more in demand than ever before and Graystone, which has been meticulously maintained, will allow a purchaser to realize substantial upside on below market in place rents and to continue executing a proven renovation program in a high growth market.
The seller’s unit renovation program – which has been undertaken in approximately 10% of units – has been netting $75-$100 in monthly rent increases. In addition, current rents are well below maximum allowable rents under the LURA (maximum 60% AMI restrictions on 100% of units). The property is located in a quiet residential setting yet offers immediate access to I-95 and is convenient to numerous regional employment hubs. Occupancy is stable at 95% but a purchaser can create substantial value with operational efficiencies, modest upgrades.
|Zoning Desc.||R-53 Multifamily|