Marcus & Millichap is pleased to exclusively present Oakwood Apartments & Huntwood Apartments, a prime investment opportunity featuring two multifamily properties located in Chesterfield County, Virginia. This portfolio includes 64 units across 36,800 square feet of rental space, offering a compelling investment proposition in one of the region’s most desirable submarkets.
Oakwood Apartments, built in 1975, consists of 32 two-bedroom units and is situated on a 107,244-square-foot lot. The property has been well-maintained and presents an excellent opportunity for targeted capital improvements to enhance both individual units and common areas. Twenty (20) units have been updated with modern renovations, adding value by increasing rent and appeal for potential residents.
Huntwood Apartments features 32 one-bedroom units on a 113,822-square-foot lot. The building, constructed in 1974, offers a solid foundation for further modernization and value-add improvements. Seventeen (17) units have been updated with modern renovations, adding value by increasing rent and appeal for potential residents.
Both properties are located in high-demand areas of Chesterfield County, offering a perfect blend of suburban tranquility and urban convenience. With easy access to major highways, retail centers, major employers, schools, and recreational spaces, these properties offer residents the ideal living experience, ensuring consistent tenant demand.
This portfolio presents investors with the flexibility to acquire either one or both properties. Potential growth opportunities include adjusting rental rates to market levels, upgrading unit interiors, improving amenities, and implementing operational efficiencies to enhance long-term profitability. With historically strong occupancy rates, favorable market conditions, and significant potential for value creation, these properties offer a unique opportunity for investors seeking long-term success and growth in a thriving market.
Investments Highlights
Revenue Growth Opportunity: Current average rents are significantly below market rates, presenting a strong opportunity for investors to implement rent increases
Modernized Units: Selective unit upgrades under current ownership include vinyl plank flooring, modernized countertops, new appliances, and renovated bathrooms. These enhancements not only elevate the resident experience but also reduce future capital expenditures, offering long-term cost efficiencies.
Utility Cost-Saving Benefits: Each building in the portfolio is individually metered for all utilities except water. Residents are billed a monthly fee ranging from $105 to $125 per unit for water, sewer and trash reimbursements, creating an efficient system that stabilizes operational costs and shields new ownership from utility cost volatility.
Rapidly Growing Market: Greater Richmond is a vibrant and growing community with over 1.3 million people, gaining 26 net new people daily. The stable and diverse economy includes 8 Fortune 500 headquarters, ranking 2nd for the total number of firms compared to their peer cities. Since Greater Richmond’s economy isn’t dependent on one or two industries, the region hasn’t been as affected by economic disruptions compared to peer cities.
Minutes From Major Economic Drivers: Nestled in Chesterfield County, VA, these properties boast a prime location just minutes from major highways, including I-95 and I-64. Residents enjoy easy access to the region’s top employers, such as the VA Hospital, Lego, DuPont, HCA Virginia Health System, and Amazon. With a strong employment base nearby, new ownership stands to benefit from sustained rental demand, high occupancy rates, and long-term financial stability.
Unit Renovation & Amenity Enhancements: Ongoing unit renovations, combined with the addition of outdoor amenities, position the properties to attract high-quality tenants and justify rent increases. These improvements enhance the property's appeal, promote long-term profitability, and encourage resident retention.
Location Summary
Oakwood Apartments and Huntwood Apartments are strategically located in close proximity to one another in the vibrant and rapidly growing city of Richmond, Virginia, a regional hub of economic activity, cultural richness, and historical significance.
Situated in the southern and eastern parts of Richmond, this portfolio benefits from accessibility to major highways, including I-95 and Chippenham Parkway, ensuring seamless connectivity to the rest of the city and surrounding areas. The properties are positioned near thriving residential neighborhoods that offer tenants a perfect blend of suburban comfort and urban convenience.
Residents of these properties enjoy proximity to an array of retail options, including Southpark Mall, Stony Point Fashion Park, and various local shopping centers. The neighborhoods are also home to numerous dining establishments, entertainment venues, and recreational areas, such as Rockwood Park, Dorey Park, and the James River Park System, which provide abundant opportunities for leisure and outdoor activities.
The portfolio’s location places it just a short drive from downtown Richmond, offering tenants easy access to major employment hubs, government offices, and healthcare facilities such as Chippenham Hospital and Johnston-Willis Hospital. Richmond’s educational institutions, including Virginia Commonwealth University and the University of Richmond, further enhance the area’s appeal.
Richmond’s dynamic rental market is underpinned by its steady population growth, strong job market, and reputation as a cultural and historical hub. Iconic landmarks, such as the Virginia State Capitol, the Museum District, and the historic Shockoe Bottom district, contribute to the city’s unique character and make it a desirable place to live and invest.
Together, Oakwood Apartments and Huntwood Apartments represent an exceptional opportunity to acquire a well-located portfolio in one of Virginia’s most sought-after multifamily markets.
