The Flats at Rutgers | 102 Units | Roanoke, VA
102-Unit Workforce Housing Community | Stable Operations | $1.7MM+ Invested Since 2021
Marketing description
Cushman & Wakefield | Thalhimer is pleased to present The Flats at Rutgers, a 102-unit workforce housing community located within Roanoke's primary retail, employment, and transportation corridor. Ownership has invested more than $1.7 million in capital improvements since 2021, including approximately 57 renovated units, extensive HVAC replacement, community-wide vinyl window upgrades, exterior improvements, and new community amenities, positioning the Property as a stabilized investment with limited near-term capital expenditure requirements.
The Property generates average rents exceeding $1,100 per occupied unit and benefits from stable occupancy, strong rent collections, and meaningful ancillary income. Located within one of Roanoke's most established apartment submarkets, The Flats at Rutgers offers immediate access to major employers, daily-needs retail, Roanoke-Blacksburg Regional Airport, and direct connectivity to both I-581 and I-81.
Supported by stable apartment fundamentals, positive rent growth, and significant regional investment, The Flats at Rutgers presents investors with an opportunity to acquire a well-maintained, income-producing workforce housing asset serving one of the market's broadest renter demographics.
Investment highlights
Flexible Financing Alternatives
The Property may be acquired through assumption of existing Fannie Mae financing featuring a fixed 5.49% interest rate and approximately 48 months remaining to maturity or through a traditional free-and-clear acquisition structure, providing flexibility to accommodate a variety of investment strategies and capital structures.
Significant Capital Improvements Completed
More than $1.7 million invested since 2021, including approximately 57 renovated units, extensive HVAC replacement, vinyl window upgrades, exterior improvements, and community amenity enhancements.
Strong In-Place Operations & Cash Flow
Stable occupancy, strong rent collections, and meaningful ancillary income support durable cash flow. Average rents exceed $1,100 per occupied unit with limited near-term deferred maintenance requirements.
Prime Retail & Employment Corridor Location
Located within Roanoke's primary retail and employment corridor with immediate access to major employers, daily-needs retail, Roanoke-Blacksburg Regional Airport, and both I-581 and I-81.
Stable Workforce Housing Fundamentals
The Property serves one of the market's largest renter demographics while maintaining a meaningful affordability advantage relative to newly delivered Class A communities.
Favorable Long-Term Apartment Market Dynamics
Roanoke continues to benefit from stable apartment fundamentals, positive rent growth, and significant regional investment. Recent Class A deliveries have expanded pricing benchmarks while reinforcing demand for well-located workforce housing.
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