Click Here for Offering Materials: Hickory Point Townhomes
Capstone Apartments Partners is pleased to present Hickory Point Townhomes: a 175-unit, townhome-style community located in Newport News, Virginia. Hickory Point offers an extremely well-maintained asset that benefits from significant recent capex and an in-place value-add program. As a testament to current ownership, the property has maintained an average 95%+ occupancy rate and a 60% lease renewal rate over the last couple of years; providing an excellent foundation for new ownership. With most of the heavy lifting complete and the opportunity to implement a moderate value-add program available, incoming investors can immediately focus on driving NOI growth by building on previously completed mid-tier renovations and enhancing both the interior and community features, driving further value for tenants.
Existing Value Propositions:
Desirable Large Townhome Units
Value-Add Opportunity—$100 Rent Premiums with Mid-Tier Renovations
Convenient Access to Major Roadways, Retail, and Restaurants
Diverse and Expanding Job Market