3618 E Broad St
Richmond, VA 23223
The Lofty · Multifamily Property For Sale · 33 Units

Marcus & Millichap is please to present the Lofty Apartments located at 3618 East Broad Street in Richmond, Virginia. The property consists of 28 two-bedroom, two-bathroom units and 5 one-bedroom, one-bathroom units. The apartments, built in 2015, are situated across two buildings sitting on top 17,163 sf (.39 acres). Construction on the luxury units was completed in October of 2015. The property is situated on in the Church Hill neighborhood at the very end of East Broad Street and overlooks Gillies Creek and Gillies Creek Park offering resident scenic views. 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 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 right 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.