Search Results

1922 Varina Avenue

Home » All Multifamily Properties » Washington DC » 1922 Varina Avenue

Address: 1922 Varina Ave, Petersburg, VA 23805, USA

Washington DC + Apartment Buildings

Created date: October 28, 2024

Date last updated: October 31, 2024

Westover Commons is an 84-unit affordable housing community in Peterburg, Virginia. The property underwent rehabilitation using 4% Low Income Housing Tax Credits (LIHTC) and was placed in service in 2000. The property’s LIHTC restrictions are all 84-units at 60% Area Median Income (AMI), the LIHTC restrictions expire in 2030.
The Petersburg area has historically been an affordable market within the Greater Richmond Regions. Petersburg proper makes up
approximately 35,000 residents of the region’s total population of 1.3M, which grew more than 10% in the 2020 Census. The local economy is riven by a diverse array of industries such as higher education, healthcare, and multiple industrial/manufacturing types of employers. Given its location along I-95, greater Petersburg is a major hotspot for e-commerce fulfillment centers. The city also greatly benefits from its proximity to the Fort Gregg-Adams Army Post just east of town.
Westover Commons’ combination of one and two-bedroom units has historically attracted families settling in the area and its proximity to both living necessities and creature comforts makes it an obvious choice for tenants searching for a place to call home. Nestled in an established residential neighborhood with large trees, spacious parks, golf courses and just a few blocks from Marie Bowen Gardens and Legends Park. Schools, shopping, and entertainment are just minutes away along with easy access to Walnut Hill Bus line, main roads, and major highway I95.
Within the Petersburg Market, Westover Commons is among the lowest-cost housing options that exist today. Substantial opportunity exists to build upon the comprehensive rehab that Seller performed (which included modernizing the Property’s mechanical, electrical, and plumbing systems) to make site improvements focused on driving revenue growth. A new Buyer can improve the in-unit finishes and change marketing strategy to capture higher-paying leases while maintaining the favorable low-cost housing option dynamic.

Unavailable

Request Information

Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	84
Year Built:	1947
Lot Size:	3.59 Sq ft
Opportunity Zone:	No
Property Website	Click Here