Richmond Multifamily on Firm Footing
Underpinned by a diverse economy and a relatively affordable cost of living, Richmond, Va., has shown resilience since the onset of the public health crisis. Multifamily continues to be the preferred segment for investors as overall fundamentals have remained strong throughout COVID-19, according to Colliers research. Rental rates increased by roughly 5 percent over the past 12 months and the trend is anticipated to endure, Barry Tomlin, vice president of Breeden Property Management, told Multi-Housing News.
The Breeden Company’s multifamily portfolio currently encompasses apartments in excess of 15,000 across Virginia, with more underway. The Ella, for example, is a 250-unit project in the highly coveted Scott’s Addition area, which Breeden is building in a partnership with Spy Rock Real Estate Group. Moreover, in April, Breeden intends to break ground on the second phase of The Village at Westlake, a 122-unit development in the western part of the metro.
Tomlin discusses the strengths of the Richmond multifamily market and reveals his business strategy for the spring and summer leasing seasons.
To read the full interview, click here.