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Forest Pine Apartments 201 Forest Pine Rd 244 Unit Apartment Building For Sale Franklin, VA 23851
INVESTMENT HIGHLIGHTS
- Current in-place rents trail comparable properties in the Franklin submarket by nearly $200 per unit.
- Forest Pine was built in five phases: 1968, 1972, 1990, 1994, and 1999. 144 of the 244 units at the property were completed in the last two phases.
- Positioned along U.S. Routes 58 and 460, the property provides direct connectivity to both Hampton Roads and Richmond.
- Current ownership has invested significant capital into operating systems and property enhancements.
- Surrounded by stable and growing population with favorable household incomes, supporting sustainable occupancy and rental growth.
- The submarket features constrained inventory and steady absorption.
EXECUTIVE SUMMARY
The Newmark Southern Virginia Multifamily Team, as exclusive advisor, is pleased to present a rare opportunity to acquire a 244-unit multifamily community in Franklin County, Virginia. Strategically located along U.S. Routes 58 and 460, the Property enjoys direct access to both the Hampton Roads and Richmond regions while benefiting from the stability of a smaller, supply-constrained market.
PROPERTY FACTS
| Sale Type | Investment | Building Size | 236,364 SF |
| No. Units | 244 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1985 |
| Apartment Style | Garden | Parking Ratio | 2.18/1,000 SF |
| Building Class | C | Cross Streets | Homestead Rd |
| Lot Size | 23.27 AC | ||
| Zoning | R1A | ||
| Sale Type | Investment |
| No. Units | 244 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 23.27 AC |
| Building Size | 236,364 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1985 |
| Parking Ratio | 2.18/1,000 SF |
| Cross Streets | Homestead Rd |
| Zoning | R1A |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Tile Floors
- Eat-in Kitchen
- Vaulted Ceiling
- Refrigerator
- Range
- Carpet
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- Fitness Center
- Laundry Facilities
- Playground
- Property Manager on Site
- Disposal Chutes
- Pet Play Area
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | 630 - 768 |
| 2+1 | 48 | - | 834 - 928 |
| 2+2 | 132 | - | 960 - 1,012 |
| 3+1 | 16 | - | 1,085 |
| 3+2 | 28 | - | 1,127 - 1,133 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $11,236,400 | |
| Land Assessment | $972,100 | Total Assessment | $12,208,500 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$972,100
Improvements Assessment
$11,236,400
Total Assessment
$12,208,500
CONTACTS
-
Amanda Archer -
Garrison Gore -
Victoria Pickett -
Charles Wentworth -
Harrison Carter -
Newmark
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Forest Pine Apartments | 201 Forest Pine Rd
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