ravensworth towers - multifamily.cushwake.com
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RAVENSWORTH TOWERS219 UNITS | ANNANDALE, VA
Core-Plus Opportunity
RAVENSWORTH TOWERS
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present Ravensworth Towers, a well maintained value-add high-rise apartment community in a supply constrained submarket within the Washington Metro area. Built in 1973, Ravensworth Towers has recently received a large infusion of capital to improve the asset quality. The Property offers a proven value-add opportunity with current rental premiums of approximately $120 based on a comprehensive upgrade that includes stainless steel appliances, plank wood flooring throughout the unit and new washers and dryers. This renovation package can be enhanced to mirror newer product in the submarket for additional rent increases. Similar properties in the submarket that have undergone full renovations currently rent at $195 more than Ravensworth Towers, and instituting a full renovation package can achieve rental premiums that will close the gap between the Property and its competitors. Ravensworth Tower’s location in proximity to I-495 and I-395 provides immediate access to the region’s many major employers and the most significant employment centers throughout the Washington Metro area. The Property’s desirable location and additional renovation upside presents investors with the rare opportunity to acquire a value-add, infill high-rise in one of the Washington region’s best locals.
OFFERING
PROPERTY SUMMARYAddress 4327 Ravensworth Rd, Annandale, VA
County Fairfax
Site Size 5.99 Acres
Year Built 1973
Gross Building Area 253,647 SF
# of Units 219 units
Avg. Unit Size 934 SF
Avg. Market Rent $1,625
Avg. Market Rent/SF $1.74
Occupancy 97.3%
HIGHLIGHTS
1PROVEN VALUE-ADD OPPORTUNITY Select units at the Property have been renovated and are achieving $120 rental premiums over non-renovated units. Enhancing this renovation and renovating existing non-renovated units will create additional rent increases and close the $195 gap between Ravensworth Towers and its competitors.
2SUPPLY CONSTRAINED SUBMARKET The Annandale submarket is supply constrained with only two properties in the submarket’s pipeline totaling 654 units between 2018 and 2020 and one rumored/long-term development. Lack of new product has supported stable apartment market fundamentals with 4.1% vacancy across the submarket.
3SIGNIFICANT RECENT CAPITAL INVESTED Since 2013, current ownership has invested over $3.2 million on curb appeal, interior upgrades, base building repair and common area amenities.
4IMMEDIATE ACCESS TO EMPLOYMENT Dynamic location directly off I-495, I-395 and I-95 affords residents immediate access to the region’s many major employers and large employment nodes including Tysons Corner, Rosslyn, Crystal City and downtown Washington DC.
5EXPANDING WASHINGTON ECONOMY The Washington Metro area has been in a prolonged expansion cycle and is reaching full employment with 77,100 jobs added (2.3%) over the year ending July 2018 and federal spending in Fairfax County projected to increase by over $4 billion from 2017 to 2020. Unemployment decreased to 3.5% in the MSA and 2.4% in Fairfax County.
6RARE ASSET QUALITY High-rise with concrete construction in a low-rise dominated submarket gives investors an opportunity to acquire a unique and desirable asset.
RAVENSWORTH TOWERS
COMMUNITY AMENITIES• Swimming Pool
• 24-hour Fitness Center
• Clubhouse
• Barbecue Area
• Storage Options Available
UNIT FEATURES• Maple Cabinets and Stainless
Steel Appliances*
• Washer/Dryer
• Walk-In Closets*
• Hardwood Floors
• Private Balcony
• Pet Friendly
*Select Units
RAVENSWORTH TOWERS
CUSHMAN & WAKEFIELD1800 TYSONS BOULEVARDSUITE 200PHONE: +1 703 448 1200FAX: +1 703 286 3012www.cushwake.com
BRAD GEIGERSENIOR VICE PRESIDENT+1 202 266 [email protected]
JOHN CAMPANELLAEXECUTIVE MANAGING DIRECTOR+1 202 266 [email protected]
Debt, Equity & Structured Finance:
FOR MORE INFORMATION
Cushman & Wakefield of Washington DC, Inc.1600 Tysons Blvd, Suite 400, Mclean, VA 22102
For a Confi dentiality Agreement & Additional Property Information Go To:http://apartments.cushwake.com/washington_dc
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other condition, without notice, and to any listing conditions, imposed by owner.
Drew White Michael Marshall 703.286.3001 [email protected] [email protected]
Exxon MobileHeadquarters
Inova Fairfax Medical Center
MID-ATLANTIC MULTIFAMILY ADVISORY GROUP
JORGE ROSASENIOR DIRECTOR+1 703 286 [email protected]
ANTHONY ‘TJ’ LIBERTODIRECTOR+1 703 286 [email protected]
MATTHEW COLLINSFINANCIAL ANALYST+1 703 286 [email protected]