Terrace View – 62 Units

Waterstone Multi-Family Group is pleased to present the Terrace View Apartments (62-units), located in Colonial Heights VA along the shores of the Swift Creek River. Built in 1998, this property is located within easy access of Interstate-95 (2.5mi), 3mi from the SouthPark Mall commercial corridor (largest in the region), 3mi from Virginia State University, and 7mi from Fort Lee (headquarters for US Army CASCOM and Logistics Center).

Colonial Heights, part of the Tri-City alongside Petersburg and Hopewell, is situated just 30min from the downtown Richmond business district (Richmond is the financial center of the Mid-Atlantic region), and is defined by its manufacturing, trade, and service sectors. Fort Lee adds more than $225,000,000 annually in combined military and civilian payroll to the local economy, and will continue to benefit from the additional tax base and economic development generated by the recent $1.2-Billion, 56-building base expansion directed by the Base Realignment and Closure Commission (BRAC) estimated to generate more than $500,000,000 in additional annual income. Unemployment in the Colonial Heights market has declined steadily and currently stands at 4.1%.

Terrace View is currently part of the Virginia LIHTC program. The property is in a good area and comes with a stable operating history. Property highlights include:

  • Built in 1998
  • Clubhouse
  • Laundry facility
  • Washer & dryer hookups
  • Unit size over 1000-sqft
  • Vacancy below 5%
  • Owner-utilities include
    • Trash
    • Water
    • Sewer

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Other

  • Address: 202 Lakeview Park Road Colonial Heights, Virginia 
  • Number of Units: 62 
  • Year Built: 1998 
  • Acres: 5.28