Under Contract Listing

UNDER CONTRACT | Terrace View Apartments | 200 Lakeview Park Road
Colonial Heights, VA 23834


Property Type


5.28 AC

60,262 SF

Property Summary

Terrace View Apartments is a leafy, 62-unit multifamily community near the banks of Swift Creek in Colonial Heights, Virginia, a fast growing submarket of the Richmond MSA. The property was built in 1998 using IRC Section 42 low income housing tax credits and its income restrictions are set to expire in 2028. Investors also have the opportunity to capture an additional $150 in monthly rents by moving renewals and new leases to HUD’s FY 2023 maximum allowable rents. In 2028 the units can be converted to market rate, which presents an excellent opportunity to grow income by 20% or more.

Unit Breakdown:

  • (10) 1-Bedroom
  • (42) 2-Bedroom
  • (10) 3-Bedroom

EUA: Expires 2028

  • Application Fraction (100%)
  • Floor Space Fraction (60%)
  • Income Restriction (60%)


Recession Resistant: Affordable housing is at a huge premium in the Richmond Metro.
Terrace View’s strong occupancy combined with HUD’s cost adjusted rents present an
excellent hedge against inflation.

Immediate Upside: Recent capital investments by current ownership will make a mark-to-max
allowable rents achievable in year one of new ownership.

Value-Add Opportunity: Several properties within a mile of Terrace View are achieving
sizeable rent premiums up to $400 per month for newly renovated units.

Investment Optionality: Buyers can execute a conversion to market rate rents in several years
or undertake a substantial renovation with limited capital outlay using tax credit equity.

Attractive Debt Options: Seller’s assumable Fannie Mae loans present buyers an opportunity
to take on approximately 60% leverage at interest rates that are at least 50 bps better than
market. A new agency origination can include extended interest-only options at rates that are
still well below historical averages.

Proximity to Employment: Terrace View is an easy commute to numerous Fortune 500
headquarters, universities, military and government installations, and retail destinations. It’s
no surprise that the city’s unemployment rate is one of the lowest in the region.


Units 62
Parcel ID 1400-01-00-001
Construction Date 1998
Co-broker Fee No




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