In August 2022, CalTier Fund 1 invested in the District Square Apartments, a 58-unit multi-family community located in Downtown Richmond, Virginia.
District Square is one of the four multi-family assets that make up our investment in the Richmond Virginia (RVA) portfolio.
District Square is located directly in the heart of two of Richmond’s “priority nodes” targeted for redevelopment and was redeveloped itself in 2005, converting from a dairy garage into a multi-family community in the process. District Square boasts of its own unique features including, exposed brick throughout, wrought iron railings, high ceilings, duplex units, cement floors, and large windows. As part of the redevelopment and growth in the area, plans have been approved to add greenways, build a new park, add bridges, and develop an abundance of retail, office buildings, and green space.
In just one quarter since closing, the RVA Portfolio, including District Square, 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.