Ridge View Apartments

Ridge View Apartments is a 64 unit apartment complex located in Richmond, Virginia. In 2019, this Project was purchased for approximately $1,750,000 through a combination of debt financing together with approximately $500,000 from a syndicate of 11 private equity investors for this particular property and currently has an unsolicited off market letter of intent for $2,560,000. The main “value add” strategy employed for this Project has been renovating the interior quality of units, upgrading/replacing structural like the roof and raising renovated unit rents to market value. A utility charge has also been implemented to reduce owner paid utilities. Investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.

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