100 Tricia Lane & 500 Collinwood Place

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Address: 100 Tricia Lane & 500 Collinwood Place

Washington DC + Apartment Buildings

Created date: November 14, 2024

Date last updated: November 14, 2024

Property Description

THE OFFERING: Two multifamily assets, Collinwood South and Collinwood Square, both located in Newport News, VA. The properties, built in 1974 and 1985, respectively, together total 78 units. Collinwood South’s 32 units consist entirely of two-bedroom, one-bathroom flats. Collinwood Square’s 46 units consist of 36 two-bedroom, one and a half-bathroom flat, 2 two-bedroom, one-bathroom flats and 8 one-bedroom, one-bathroom flats. Current ownership has renovated 22 units, leaving new ownership an opportunity to renovate the remaining 56 units. Renovated units are achieving a 30% rental premium in the submarket. SIGNIFICANT RECENT CAPEX: Since 2020, current ownership has completed ~$975,000 of capital improvements to both the interior and exterior of the properties. Interior improvements included new flooring, cabinets, fixtures and appliances. Exterior improvements included windows, entry doors, roofs, parking lot repairs, and extensive fence replacement. These significant capital improvements reduce the immediate capex requirement for new ownership. VALUE-ADD POTENTIAL: Collinwood South and Collinwood Square are both stabilized assets which also offer value-add potential. While current ownership has renovated 22 units, the remaining 56 unrenovated units offer new ownership an opportunity to capture rental upside post-renovation. Renovated units in this submarket are achieving 30% premiums over classic units. EASE OF OPERATIONS: The buildings are separately metered for all utilities except water, and current ownership has fully implemented a water reimbursement program successfully recovering ~90% of the recurring water and sewer charges. The net effect being a consistent and predictable monthly utility bill, which presents new ownership the opportunity to avoid variable costs, simplifying operations. CLOSE PROXIMITY TO AMENITIES: Each property is located within minutes of popular retailers including Walmart, Home Depot, Sam’s Club, Family Dollar and CVS. Immediate access to these established retailers is a strong selling point to potential renters, helping new ownership attract and retain tenants. HAMPTON ROADS MSA: Newport News and the Hampton Roads MSA play an intricate role in the Nation’s and world’s trade industry through the utilization of the Chesapeake Bay. The Port of Hampton Roads is the nation’s third largest port while ranking first in the Mid-Atlantic region. Numerous railways, ship builders, and other logistic operators operate in the region, in addition to large scale military operations throughout the region. With a population just over 1.8M, the region continues to experience consistent growth both due to the growing military presence in the region and the global economic significance of the Chesapeake Bay.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	78
Year Built:	19741985
Opportunity Zone:	No
Property Website	Click Here