Jefferson South of the James

1800 Boydton Plank Road Petersburg, Virginia 23805

  • 191,500 Square Feet
  • Multifamily-Apartment
  • For Sale

Summary Description

1. Colliers International | Richmond is pleased to offer Jefferson South of the James (“JSOJ”), a stabilized and gated apartment community of 200 units in historic Petersburg, VA. JSOJ offers an investor a recently renovated, stabilized asset with upside potential in a community with a long history of success for affordable workforce housing.

2. JSOJ consists of 14 two and three story buildings on 14.69 acres, originally built in 1974 and completely rehabbed in 2016. The community features six new roofs, new siding and windows, 125 units have new kitchens and baths, new flooring and carpeting, new AC units and new stacked washers and dryers in each apartment. The remaining 75 apartments were made “rent ready/classic”, achieving the same rental rates as the newly renovated units.

3. The current owner purchased the asset in 2013 for $1.5M, with 80% vacancy.  Since renovations began in 2014, the property has experienced unprecedented occupancy and income growth. Total capital expenditures total over $6 Million. A new investor has the opportunity to upgrade the clubhouse and add amenities to the community and increase rents accordingly.

The JSOJ community is a well-managed and affordable workforce housing alternative. Although the apartments are “brand new”, the one, two and three bedroom units lease below market capabilities and the asset was recently stabilized.

4. JSOJ’s location, a mile north of I-85, provides excellent access to the Southside Regional Medical Center, Virginia State University, Richard Bland College, Fort Lee Military Base and Logistics Center, Amazon, and Southpark Mall, and is only 40 minutes from Richmond International Airport.

Lot Size: 14.69 Square Feet

Building Size: 191500 Square Feet

Area Available: 191,500 Square Feet

NOI (stabilized)

$966,289

Features:

  • New roofs on 4 buildings
  • New underground waterlines from mains to all buildings
  • Substantial work on siding and gutters
  • New HVAC units in 150 units
  • Substantial repairs to storm water drainage system
  • Water proofed foundations on 5 buildings
  • New electric hot water heaters in 150 units
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