Chesterfield County Apartment I Huntwood Apartments

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.​

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  Revenue Growth Opportunity: Current average rents are significantly below market rates, presenting a strong opportunity for investors to implement rent increases.

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  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.

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  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.

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  Rapidly Growing Market: The Greater Richmond area, with a population of over 1.3 million, continues to experience robust growth, adding 26 new residents daily. This vibrant, diverse economy is supported by a large number of major employers, including the VA Hospital, Lego, Dupont, HCA Virginia Health System, and Amazon. The region's expanding workforce ensures a consistent demand for rental properties, guaranteeing sustained occupancy and strong rental income.

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  Thriving Regional Market: The Greater Richmond area, home to over 1.3 million residents, is experiencing robust growth, with 26 new residents added daily. This diverse economy is anchored by major employers such as the VA Hospital, Lego, DuPont, HCA Virginia Health System, and Amazon. The area's expanding workforce drives consistent demand for rental properties, supporting strong occupancy and rental income stability.

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  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.