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5001 Ridgedale Pkwy. - Richmond, VA 23234
PROPERTY Stats
97.5%
Occupancy
2003
Placed in Service
96,405
sF
PROPERTY OVERVIEW
The Park at Ridgedale is a 120-unit mixed-income housing community for seniors ages 55+ located in Richmond, VA. The property is conveniently located minutes from major retailers including Food Lion and
Wal-Mart. Numerous restaurants, outdoor recreation, Healthcare, the Chesterfield County Airport, and major transportation arteries are nearby as well.
The property was built and placed in service in 2003 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require at least 90% of units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Virginia Housing Development Authority. The remaining units are unrestricted.
The Park at Ridgedale offers one and two bedroom apartment homes featuring fully equipped kitchens that include a dishwasher, range, and refrigerator, air conditioning, high speed internet access, monitored medical emergency pull cords, walk-in closets, a large pantry, and a washer and dryer. Community amenities include a clubhouse with community room and billiards, fitness center, beauty salon, planned social activities, health and wellness information, and on-site property management.
The LIHTC Restrictions are set to expire at the end of 2033, providing a pathway to significant operational upside
Well-maintained Senior LIHTC property with a current occupancy rate of 97.5%
The Richmond, VA MSA has seen fantastic income growth over recent years with the HUD 4-Person Median Family Income increasing from $72,400 in 2016 to $109,400 in 2023
Terrific rental upside as the property is currently operating at a 10% loss to lease to the achieved rents on recently leased units
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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 loan brokerage business in Nevada.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
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JEFF IRISH
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
JORDAN SKYLES
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
Senior Director
Multifamily
804.780.9247
carter.wood@berkadia.com
carter wood
207 Graby St.
Suite 201
Norfolk, VA 23510
norfolk OFFICE
MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
120
UNITS
96,405
120
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