Iron House Apartments

Iron House Apartments is a uniquely Richmond multifamily investment opportunity affording investors a piece of the Virginia Commonwealth University ecosystem, which generates billions of dollars in economic impact each year.​ Over the past several years, institutional developers and investors have flocked to the Richmond Metro and VCU submarket drawn to superior rent growth potential and new economic drivers.​ New amenity packages have resulted in double-digit rent increases and offer local and regional players a blueprint for success.​ The downtown Richmond housing market is still anchored by unique architecture and experiential amenities, positioning Iron House for long-term success.​

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  -Avg Iron House Residential Rents: $1,329

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  -Avg Submarket Residential Rents: $2,040

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  -Latest Iron House Leasing Cycle vs Submarket:

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    -1 Bd: $1,191 vs $1,591

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    -2 Bd: $1,615 vs $2,082

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    -3 Bd: $2,410 vs $2,491

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  -Avg Iron House Commercial Rents: $22 PSF MG

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  -Avg Submarket Commercial Rents: $30 PSF NNN

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  -Latest Iron House Commercial Lease Rent: $30 PSF MG

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  MARK COMMERCIAL RENTS TO MARKET: Push commercial rental income via new leases in two spaces totaling 3,200 square feet. Current base rents in suites A and D are nearly 50% below market ($16-$18 psf versus $28-$30 psf). Securing new leases at market rates will add approximately $25,000 to annual gross potential rent.

  GROW RESIDENTIAL INCOME IN A MATURING SUBMARKET: Investors will have the opportunity to continue implementing material rent increases (7-10%) without appreciable capital investment. New student-focused deliveries in the immediate area are pushing prevailing rents and Iron House is perfectly positioned to be a lower cost alternative yet still shadow those increases.

  PREMIER RICHMOND LOCATION: The Property’s premier location is at the center of Downtown Richmond’s exciting restaurant, night life and concert venues, and is near Virginia Commonwealth University. Scott’s Addition, Carytown, The Fan, and The Museum District are all less than a mile away.

  EXCELLENT WALKABILITY & TRANSIT: Walk Score 96, Walker’s Paradise (no car required); Transit Score 55, Good Transit (many nearby public transportation options); Bike Score 88, Very Bikeable (biking is convenient for most trips).

  OPTIMAL DEMOGRAPHICS: Average household incomes among the primary renter cohort in the Property’s zip code are $58,422, and 48.2% of the population is 34 years old or younger. 66.3% of the housing units within a one-mile radius of the Property are renter-occupied by discretionary renters who are willing and able to pay premium rents for quality housing, illustrating that the area surrounding the Property is transient with a demonstrable need for rental housing.

  CORE MACRO LOCATION IN A LOW VELOCITY SECONDARY MARKET: Opportunity for an investor to gain a rare foothold in the highly sought after Richmond MSA and affords the opportunity to achieve outsized yields relative to comparable markets in the southeast such as Charlotte, Raleigh/Durham, and Nashville.