2192118
37219e73-97e0-421d-a18f-208801eb3943
Carriage Club
7098 Fernwood Street, Henrico, VA 23228
- For Sale Contact for pricing
- Property Type Other
- Lot Size 15.2 Acre
- Building Class B
- Year Built 1966
- Date Updated Aug 18, 2022
Colliers International Mid-Atlantic Multifamily Advisory is pleased to present Carriage Club Apartments, a prime value-add opportunity consisting of 297 spacious apartment homes in one of Richmond’s most affluent submarkets. The property occupies a strategic location less than a ¼ mile from the highly traveled intersection of Broad Street and Glenside Avenue and minutes to the Interstate 64 interchange, providing easy and efficient travel to the downtown central business district, Short Pump, Innsbrook, and all points of the Richmond MSA. Carriage Club benefits from proximity to an abundance of retail, key employment nodes, and Henrico County’s superior school system.
The property presents an ideal investment opportunity, specifically a value-add execution of investing capital to upgrade interiors and enhance common areas and green spaces to compete both against neighboring communities and new Class A product in the submarket. Only 40% of the property has been renovated leaving significant upside for future ownership to continue value-add improvements. Top-of-the-market competing properties are experiencing rent levels over $500 above current rents at Carriage Club, presenting an ideal setting for future ownership to continue improvements at the property. In addition, renovated units at Carriage Club are showing rent premiums in excess of $100 further justifying the value-add strategy. Rent growth projections in the West End submarket of Richmond are arguably one of the highest in the thriving Mid-Atlantic market. Average annual rent growth over the next five years is projected to be nearly 9% in the submarket providing investors with an exciting investment opportunity at Carriage Club Apartments.
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Location
- Walk Score ® Car-Dependent (47)
- Bike Score ® Somewhat Bikeable (40)
- City Henrico, VA
- Neighborhood West Broad Street Gardens
- Zip Code 23228
- Market Richmond Tidewater
Points of Interest
Richmond Staples Mill Road
0.53 miles
AR Cab Service
0.88 miles
Richmond Main Street
6.94 miles
Citgo
0.45 miles
Mobil
0.56 miles
Sunoco
0.61 miles
Shell
0.75 miles
Sheetz
0.84 miles
Hess
1.10 miles
Mobil
1.30 miles
Valero
1.40 miles
Chubby's
1.42 miles
Wawa
1.44 miles
Pony Pasture
4.48 miles
Lot G
4.68 miles
Lot J
4.95 miles
Midway
4.97 miles
Lot F
4.98 miles
Lot A
5.00 miles
Bowe Street Parking Deck
5.05 miles
Lot C
5.19 miles
VCU - HB Lot
5.21 miles
VCU - AR Extension Lot
5.23 miles
Hampton Inn & Suites Richmond/Glenside
0.62 miles
Residence Inn Richmond Midtown/Glenside
0.64 miles
Extended Stay America
0.65 miles
Extended Stay America
0.70 miles
WoodSpring Suites
0.76 miles
Super 8
0.82 miles
Rodeway Inn
0.83 miles
Baymount Inn and Suites
0.86 miles
Econo Lodge-Broad St
0.87 miles
Best Western Executive Hotel
0.89 miles
Little Caesars
0.39 miles
Dunkin'
0.40 miles
Wendy's
0.43 miles
McDonald's
0.46 miles
Captain D's
0.46 miles
Shoney's
0.52 miles
Corner Cafe
0.60 miles
Tip Thai
0.68 miles
Bob Evans
0.72 miles
Mission BBQ
0.77 miles
Johnson Elementary School
0.78 miles
Holladay Elementary School
0.87 miles
Crestview Elementary School
1.29 miles
Hermitage High School
1.44 miles
Lakeside Elementary School
1.44 miles
Hermitage Technical Center
1.45 miles
Moody Middle School
1.45 miles
Our Lady of Lourdes Elementary School
1.61 miles
Skipwith Elementary School
1.71 miles
Trevvett Elementary School
1.76 miles
Kingdom Kidz Child Development Center
0.58 miles
Faison Center Early Education Center
2.22 miles
Chamberlayne Baptist Preschool
3.57 miles
The Learning Experience
3.98 miles
Bundle of Joy Child Care
4.19 miles
Child Development Center
4.26 miles
Tuckaway Complete Childcare
4.91 miles
School of Andrew
4.99 miles
Heavenly Child Care
5.81 miles
Toddler University
5.91 miles
Contacts
Charles Wentworth
Garrison Gore
George Hankins
Victoria Pickett
Frequently Asked Questions
What is the total square footage of Carriage Club?
Carriage Club totals 15 square feet.
When was this property built?
Carriage Club was built in 1966.
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