John Bergin, CCIM John@Waterstonemfg.com 704-804-3342
Cameron Hopkins Cameron@Waterstonemfg.com 828-310-9607
Waterstone Multi-Family Group is proud to present Independence Place Apartments in Prince George, VA. The property was built in 2011 and includes 11 buildings sitting on 13.5 acres of land. The 230 units are comprised of 96 one bed/one bath units, 96 two bed/two bath units and 38 four bed/four bath units. The property also has garages for rent, with an upstairs storage area for an additional rental fee. Tenants get an all-access pass to use the many upscale amenities, including a resort style pool, a sand volleyball court, basketball court and tennis court. Tenants can also spend time outside at the playground, putting green, and the outdoor grills and fire pits. Inside the 5,000 square foot clubhouse you will find a game room, business center, 24-hour fitness center and a tanning bed. Inside the units you will find a modern kitchen with a pantry and built in microwave, hardwood floors and ceiling fans. Tenants have the option of a furnished, unfurnished, or suite unit along with the ability to lease bedrooms individually in the 4 bed units. Suites include furniture, electricity and housewares. Each unit includes cable, internet, water, trash, pest control and a washer/dryer.
The property is conveniently located next to Fort Lee, the third largest training site in the Army. Due to the 2005 Base Realignment and Closure mandates, Fort Lee has experienced a lot of growth in the last ten years. More than just a military base, it is also a community, workplace, and home to military families. Fort Lee is home to nearly 3,200 military personnel and as many family members, 600 single soldiers on the installation and another 2,300 families off-post. On any given day between 3,000 and 4,200 students are trained there. The new Amazon Facility is located approximately 30 minutes from the property. One of the big reasons Amazon chose Richmond is due to the logistics talent flowing out of the Army Logistics University, which is located at Fort Lee.
This property requires the existing debt to be assumed, or to pay a hefty pre-payment penalty. There is currently $18.7 million remaining on a HUD 221(d)(4) loan with about 37 years remaining on the term and a fixed interest rate of 3.47% and an assumption fee of 50 bps. The debt component gives the opportunity for a great cash on cash return.
*May be purchased as a Portfolio with Independence Place in Fayetteville, NC.*
- Address: 5000 Owens Way Prince George, Virginia
- Area: Prince George
- Number of Units: 230
- Year Built: 2011
- Acres: 13.5