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The Greens at Hollymead Apartments is a 144 unit garden-style apartment property located in Charlottesville, Virginia. Residents are attracted to the property because of its many amenities including: swimming pool with furnished lounge area, fitness center, lighted tennis courts, grilling stations, picnic areas, and wi-fi connectivity. Rents at the property are below market and unit renovations offer the opportunity for increasing rents. Upgraded units at the Greens at Hollymead are commanding premiums that range from $100 to $165 monthly. With the total cost of unit upgrades totaling from $5,000 to $10,000 per unit, the annual investment returns on upgraded costs are averaging 20%. The Greens is located in the desirable Forest Lakes/Hollymead neighborhood. This neighborhood is located in the high-growth Route 29 corridor. Population within one mile of the property grew by 9.8% between 2010 and 2014. The neighborhood also is undergoing a retail shopping expansion totaling more than 1.2 million square feet.
Charlottesville is the economic, cultural and educational center of the multi-county trade area of central Virginia. The city is home to a diversified economy with the University of Virginia, health care/social assistance, accommodation/food service, and retail trade representing the largest industries by employment. Approximately 130 tech firms have locations in the Charlottesville area, ranging from well-known national brands to start-ups. Venture capital investment in the region is also growing. In 2015, Charlottesville received $27.7 million in funding, ranking first among 133 metro areas for greatest growth and greatest rate of growth, according to analysis by the National Venture Capital Association. As the largest employer in Charlottesville, the University of Virginia is ranked as the third best public national university by U.S. News and World Report. Charlottesville’s economy is supported by a well-educated workforce. More than 41.0% of Charlottesville residents age 25 or older have a bachelor’s degree or higher. The city’s unemployment rate reflects the area’s economic strength, at 2.9% in May 2016 versus 4.5% for the United States overall. The Milken Institute’s “Best Performing Cities of 2009” index ranked Charlottesville 26th of the 124 smallest metropolitan areas in the nation. In addition, Entrepreneur magazine ranked Charlottesville as the fourth best city in the United States for entrepreneurs.
Available to Accredited Investors:
The Greens at Hollymead Apartments is located in the Hollymead/Forest Lakes neighborhood of Charlottesville, Virginia. Notable proximate demand drivers include the Charlottesville Albemarle Airport (2.8 miles), Hollymead Town Center (1.8 miles), and the University of Virginia (7.0 miles). Additionally, the property is located within one mile of U.S. 29 North, which provides access to all the major employment centers throughout the Charlottesville metro area. The Property may be accessed from U.S. 29 North via signalized intersections with both Hollymead Drive and Timberwood Parkway.
Available to Accredited Investors:
Below are some of the most frequently asked questions about this offering.
The funding deadline for this opportunity is February 28, 2018.
The first projected distribution was scheduled for October 2017.
Distributions are scheduled to go out on a quarterly basis.
Yes, non-US residents are welcome to apply.
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