Pillars at Great Bridge

A PERFECT VALUE-ADD ASSET IN AFFLUENT CHESAPEAKE, VA

Colliers is pleased to present Pillars at Great Bridge, 192 units with proven value-add upside in the affluent pocket of Chesapeake, VA. Built in 2009 with 9-foot ceilings, Pillars at Great Bridge has a proven track record of demand and stable occupancy, averaging 97% over the past 6 months. In excellent physical condition, new ownership can leverage outstanding organic rent growth (16.4% on renewals and 2.7% on new leases over the last 3 months), no new supply within a 5-mile radius of the property, and a proven renovation program to push top-line rent growth.

The upside potential at Pillars at Great Bridge is still largely untapped. 50 Classic units (26%) are in near original condition with linoleum floors and laminate countertops. 77 Partially Renovated units (40%) have modest upgrades including hardwood-style floors and washers and dryers. 65 Renovated units (34%) have been significantly upgraded with premiums finishes such as granite countertop, backsplash, hardwood-style floors, pendant lighting, modern cabinets, and stainless steel appliances to achieve average rents of $561/unit above unrenovated units. Renovating all Classic and Partially Renovated units to the highest renovation scope unlocks over $415,000 in untapped annual revenue. Additionally, the 65 Renovated units offer value-add upside through finishing touches such as updated subway-tile backsplash, adding hardware to the cabinetry, and implementing a tech package including keyless entry and modern thermostats.

Offering a comprehensive amenity package that appeals to a higher-income demographic, Pillars at Great Bridge allows new ownership to focus investment capital into unit interior revenue-generating improvements. With an unbeatable combination of proven value-add, upscale amenities, incredible organic rent growth, and location within an affluent submarket ($117,700 AAHI within a 3-mile radius), Pillars at Great Bridge represents a perfect value-add asset.

There are 39 bond units with significant below-market rents that can immediately convert to market-rate upon renewal.

97% Occupied (as of 4/14/25)