1903 E Marshall St
Richmond, VA 23223
Attain Shockoe · Multifamily Property For Sale · 178 Units

Marcus & Millichap is pleased to present the Exclusive Offering of the Vida East Apartments located at, 1903 East Marshall Street, in Richmond’s historic Shockoe Bottom neighborhood. Spanning an entire block, the Vida East Apartments consists of 19 studios, 111 one-bedroom units, and 48 two-bedroom units. Construction on the luxury apartment community was completed in August, 2018. The property is situated directly in Shockoe Bottom proper two blocks away from Franklin Street and some of the city’s most vibrant restaurants and nightlife. The blending of new developments and historic warehouses and factories creates an environment reflective of historic Richmond and modern flair that is attractive to millennials and young professionals in the Richmond MSA. The Shockoe Bottom neighborhood is one of Richmond’s oldest neighborhoods situated just East of downtown Richmond along the James River. The neighborhood dates back to the late 18th century just after Virginia moved the state capital to Richmond making it one of the cities most historic neighborhoods. During the 19th century Shockoe Bottom was a center of commerce for the booming shipping and tobaccos industries of that time. After the development of the James River Flood wall, the Shockoe Bottom area has been able to be redeveloped and is rapidly turning into one of the most popular and up and coming neighborhoods in Richmond. Richmond is the capital city of the Commonwealth of Virginia. Centrally located in the state Richmond is 62-square-miles steeped in history and politics. As a metropolitan area the city nurtures a culture rich in education, the arts, and economic growth. Home to six Fortune 500 company headquarters including Altria, Dominion Resources, and MeadWestvaco; Richmond attracts many employees and employers alike. The city employs over 130,000 and is home to over 33,000 students. Universities flourish in Richmond, notably VCU which was designated as one of the fastest growing universities in the country with a 40% growth rate over the past ten years. Since 2012, Richmond has seen an impressive growth in average rental rates especially in the upper mid-range asset class. Year-over-year rents have increased at an average rate of 3.18% trailing only that of low mid-range assets at 3.55%. Occupancy has also remained high with consistently averaging around 95% year over year since 2012. The consistently high occupancy has proven to investors that the fundamentals throughout the city are supporting the increased development of multifamily units with a net absorption of 2,515 units in the upper mid-range asset class over 47 months.