Residences at Cedar Hill

100-UNIT GARDEN-STYLE COMMUNITY WITH VALUE-ADD UPSIDE | PROVEN $320+/UNIT PREMIUMS

Colliers is pleased to present Residences at Cedar Hill, a 100-unit community with targeted value-add upside located in Newport News, VA. Built in 1973, 66 units have recently been enhanced with hardwood-style flooring, modern white shaker cabinets, new fixtures, and higher-end laminate countertops to achieve average premiums of $320+/unit. Renovating the remaining 34 units unlocks nearly $130,000 in untapped annual revenue. Additional value-add improvements such as backsplash, stainless steel appliances, and granite countertops further boost the property’s appeal with a higher-income demographic and accelerate top-line revenue. Since inception ownership invested over $2.6M to comprehensively reposition the property including 100% new roofs/gutters/downspouts (2019), 100% new siding (2019), and 100% new windows (2019).

In excellent physical condition, the property offers an appealing mix of community amenities that allows new ownership to concentrate investment capital on unit interior revenue-generating improvements.

CLOSE TO HUNTINGTON INGALLS SHIPBUILDING (20,000 JOBS) | NO NEW SUPPLY IN NEWPORT NEWS IN THE NEXT 3+ YEARS

Positioned just off I-64, Residences at Cedar Hill provides easy access to key amenities and an ideal commuter location near major employers. Huntington Ingalls Shipbuilding (20,000 jobs), Fort Eustis (5,000 personnel and 4,000 civilian jobs), and Yorktown Naval Weapons Station (2,500+ personnel, 1,000 civilian jobs, and 500 contractors) are only a short drive from the property.

With no new supply in Newport News over the next 3+ years, new ownership can leverage positive market conditions (41% effective Class B rent growth over the last 5 years) to quickly push top-line rent growth and time value-add improvements perfectly.

92% Occupied