Market Analysis Cameo Street Apartments Richmond, Virginia
Market Analysis Cameo Street Apartments Richmond, Virginia Prepared for: Mr. Lee Alford Better Housing Coalition March, 2020 S. Patz and Associates, Inc. 46175 Westlake Drive, Suite 400 Potomac Falls, Virginia 20165 1 March 9, 2020 Mr. Lee Alford Director of Multifamily Real Estate Better Housing Coalition 23 West Broad Street Suite 100 Richmond, Virginia 23220 Lee: This will set forth our full narrative market study for the proposed 67-unit, Cameo Street Apartments, to be built during 2021, for 2022 delivery. The apartment units are to be affordable for a wide range of income groups and will be located in the historic Jackson Ward neighborhood near downtown Richmond, Virginia. The site location is excellent, as it is located within a thriving community with new apartment unit development and within close proximity to employment, community facilities and neighborhood eateries. The 67-unit new construction building will be attractive, with a mix of one-, two- and three-bedroom units, with rents for renters within the 40%, 50% and 60% income categories for the Richmond Region. The Richmond marketplace has supported an abundance of attractive affordable housing and the demand for this type of housing continues, based on net household growth within the income ranges under study, generated by an abundance of new employment growth. The attached Demand Table shows a 2.8 percent required capture rate for market support of the 67 proposed apartment units and a likely five-month lease-up period. All of the detailed market and economic data required for the VHDA market study requirements are included in the attached report.
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