5401 Commonwealth centre pkwy, midlothian, va 23112
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the offering
The Berkadia Investment Sales Team is pleased to present the exclusive offering of Commonwealth Apartments (the “Property”), a multifamily asset constructed in 2022, located in Richmond, VA metro’s thriving Chesterfield submarket. Totaling 234 units, Commonwealth Apartments is a midrise luxury, Class A multifamily asset that provides the ability to acquire a best-in-class community in Richmond’s mostresilient and stable multifamily market.
With a full suite of truly expansive set of unit and community amenities, Commonwealth Apartments has been specifically designed to offer residents the highest caliber of living, positioning the offering as one of the best core opportunities in the Richmond Market. The asset is bolstered by its strategic location in Chesterfield County, where effective rent growth has averaged 8.23% annually since 2021 and is projected to average 3.10% annually through 2028. The property also draws significant appeal to Richmond’s highest-earning households who desire the most amenitized and spacious floorplans in the area. Commonwealth Apartments boast an impressive 63.9% of households earning in excess of $75,000 and 32.4% of households earning in excess of $100,000.
Commonwealth Apartments highly accessible location in Chesterfield provides the best of both worlds – the convenience of being within short proximity to a myriad of retail and employment centers including Commonwealth Center (over 150K SF of retail that features over 25 local and national retailers), The Village at Swift Creek (Over 450k SF of retail that features over 35 local and national retailers) and within driving proximity to the Downtown RVA core (78K+ supported jobs just 25 minutes away).
PROPERTY summary
Occupancy
*As of 6/6/24
93.2%
Average sf
998
total units
234
Year Built
2022
Strong Rent Growth Momentum – Recent leases are registering impressive growth when measured against the Property’s average in-place rent. The last 30 and 60-day rents are +3.2% and +2.8% respectively. In addition, the Property has shown solid renewal gain over the last 2 months. Renewal leases are +$44 (+2.67%) greater when compared to previous rents.
INVESTMENT HIGHLIGHTS
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Spacious Open-Concept Floor Plans
Wood Inspired Flooring Throughout
Fully-Applianced Gourmet Kitchens (Chef Kitchen Islands with Pendant Lighting in select units)
Designer Granite Countertops with Modern Herringbone Tile Backsplashes
Energy Star Stainless Steel Appliance Package
Brushed Nickel Hardware
Custom Grey Shaker Cabinetry
Keyless Smart Locks
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INTERIOR FEATURES
Modern Clubhouse with Resident Lounge & Entertainment Spaces
Resort-Style Swimming Pool
Picnic Area with 2 Grill Stations and Fire Pit
24/7 State-of-the-Art Fitness Center with Cardio Theater
Game Room with Billiard Table & Shuffleboard Table
Outdoor Bark Park
Half-Court Basketball Court
2 Pickle Ball Courts
Electric Vehicle (EV) Charging Stations
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COMMUNITY FEATURES
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drew white
INVESTMENT SALES
MORTGAGE BANKING
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
carter wood
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
hunter wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
Patrick mcglohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
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Luxe Amenity Package – Commonwealth Apartment Homes offers an unparalleled living experience with its premium amenities, blending cutting-edge smart home technology with luxurious Class A features. Residents can enjoy a variety of exclusive facilities, including a clubhouse that boasts a resident lounge and versatile entertainment spaces, a resort-style swimming pool, and a 24/7 state-of-the-art fitness center. Each apartment is thoughtfully designed with open-concept floor plans and stylish interiors.
Affluent Chesterfield Location with Superior Demographics – Chesterfield location is an affluent jewel of RVA, where average HHI approximates $112,000/ household, 44% of Households earn an average HHI of $100K+, and white-collar employment approximates 68%. Specifically, 32.4% of households at Commonwealth Apartment Homes earn an excess of $100,000.
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RVA as a Top Destination for NOVA & DC Metro Residents – Between 2020 and 2023, approximately 40,000 people from Northern Virginia and the broader DC metro area moved to RVA (per estimates from UVA’s Weldon Cooper Center), pointing to how RVA continues to attract transplants from larger markets that are plagued with higher housing costs.
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Spacious Open-Concept Floor Plans
Wood Inspired Flooring Throughout
Fully-Applianced Gourmet Kitchens (Chef Kitchen Islands with Pendant Lighting in select units)
Designer Granite Countertops with Modern Herringbone Tile Backsplashes
Energy Star Stainless Steel Appliance Package
Brushed Nickel Hardware
Custom Grey Shaker Cabinetry
Keyless Smart Locks
Miles Drinkwalter
Senior Director
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
5401 Commonwealth Centre Parkway, Midlothian, VA 23112
total units
234
Luxe Amenity Package – Commonwealth Apartment Homes offers an unparalleled living experience with its premium amenities, blending cutting-edge smart home technology with luxurious Class A features. Residents can enjoy a variety of exclusive facilities, including a clubhouse that boasts a resident lounge and versatile entertainment spaces, a resort-style swimming pool, and a 24/7 state-of-the-art fitness center. Each apartment is thoughtfully designed with open-concept floor plans and stylish interiors.
2
Affluent Chesterfield Location with Superior Demographics – Chesterfield location is an affluent jewel of RVA, where average HHI approximates $112,000/ household, 44% of Households earn an average HHI of $100K+, and white-collar employment approximates 68%. Specifically, 32.4% of households at Commonwealth Apartment Homes earn an excess of $100,000.
3
RVA as a Top Destination for NOVA & DC Metro Residents – Between 2020 and 2023, approximately 40,000 people from Northern Virginia and the broader DC metro area moved to RVA (per estimates from UVA’s Weldon Cooper Center), pointing to how RVA continues to attract transplants from larger markets that are plagued with higher housing costs.
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Modern Clubhouse with Resident Lounge & Entertainment Spaces
Resort-Style Swimming Pool
Picnic Area with 2 Grill Stations and Fire Pit
24/7 State-of-the-Art Fitness Center with Cardio Theater
Game Room with Billiard Table & Shuffleboard Table
Outdoor Bark Park
Half-Court Basketball Court
2 Pickle Ball Courts
Electric Vehicle (EV) Charging Stations
Community Features
Miles Drinkwalter
Senior Director
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.