Mayton Transfer Lofts

ABILITY TO CREATE ONE OF THE PREMIER MULTIFAMILY ASSETS IN FAST-GROWING PETERSBURG, VA

Colliers is pleased to present Mayton Transfer Lofts, one the premier multifamily communities in fast-growing Petersburg, VA. Positioned just off I-95 and surrounded by walkable streets, coffee shops, and breweries, Mayton Transfer Lofts offers historical charm with an industrial chic ambiance that caters to a high-income demographic. 

Currently featuring oak cabinets, tile or hardwood-style floors, black appliances, and laminate countertops, all 223 units are primed for an immediate value-add execution. Upgrading units with premium finishes such as modern cabinets, luxury lighting, stainless steel appliances, and granite countertops are projected to generate substantial premiums and close the gap with the top of the competitive set currently achieving $330/unit greater than Mayton Transfer Lofts.

In great physical condition and recently infused with capital into amenities and property infrastructure, the property has a proven track record of stable occupancy and consistent organic rent growth (18% on new leases and 7% on renewals in the last 4 months). New ownership will acquire an asset with outstanding upside in a growing submarket while leveraging strong market rent growth (37% Class B effective rent growth in the last 5 years) to time value-add improvements perfectly. 

EXISTING DEBT: THE ASSET OFFERS ATTRACTIVE ASSUMABLE FINANCING WITH A 4.32% FIXED-RATE FANNIE MAE LOAN, FULL-TERM INTEREST ONLY THROUGH 7/1/28, AND AN UPB OF $13,975,000.

COMPETITIVE FINANCING IS AVAILABLE: APPROXIMATELY $3,753,000 ADDITIONAL PROCEEDS RESULTS IN A COMPETITIVE BLENDED INTEREST RATE OF 5.14%, BLENDED LTV NORTH OF 60%.

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