Multifamily Development Opportunity
Historic Petersburg
Marketing description
PROPERTY INFO
255000 sq. ft. surface parked historic warehouse
Residential PUD (Planned Unit Development) Zoning
Eligible for state and federal tax credits
Historic designations in hand
SUBMARKET METRICS
Multifamily sales in Petersburg have grown 3x over the several years
Submarket pricing has increased by nearly $50,000 per unit since 2017
Rent growth and occupancy have tracked those of Richmond proper
Limited development pipeline supports healthy absorption
Investment highlights
Richmond, VA MSA with immediate access to I-95 and I-85
Minutes from Fort Lee, which supports approximately 70,000 people off post and has a $2+ billion economic impact regionally
Located in Virginia’s gateway region, an East Coast hub for advanced pharma manufacturing
Walkable to restaurants, breweries, and outdoor entertainment
Enterprise Zone location
Excellent opportunity to blend historic and low income housing tax credits
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