In August 2022, CalTier Fund 1 invested in the Broadway Apartments, a 29-unit mixed-use community consisting of 29 residential units and 2 commercial units located in Downtown Richmond, Virginia.
Broadway is one of the four multi-family assets that make up our investment in the Richmond Virginia (RVA) portfolio.
Broadway is ideally located adjacent to the City Center redevelopment and Richmond’s rapidly expanding Bio+Tech park, which is home to more than 70 companies, laboratories, and research centers.
Broadway was fully redeveloped and renovated in 2020 with luxury finishes throughout, ceiling heights between 10 and 20+ foot ceilings, real wood flooring, floor to ceiling windows, and a full amenity base. The property has two commercial tenants, a local market and Walgreens, with leases extended through 2025 and 2026.
In just one quarter since closing, the RVA Portfolio, including Broadway, was able to produce a net operating income (NOI) of 10.8% above the underwritten budget due to above budget rents, physical occupancy, and economic occupancy. Because of this, RVA has already produced a 2.74% return on the initial investment in just 4 months.