In August 2022, CalTier Fund 1 invested in the Grace & Monroe Apartments, a 57-unit multi-family community located in Downtown Richmond, Virginia.
Grace & Monroe is one of the four multi-family assets that make up our investment in the Richmond Virginia (RVA) portfolio.
Grace & Monroe has a prime location on the highly sought-after Grace Street with walkability to an abundance of retail, Monroe Park, and the heart of the Virginia Commonwealth University (VCU) campus. The area is also one of Richmond’s “priority nodes” targeted for redevelopment.
Grace & Monroe was originally built as a fire-proof hospital, later converted into a multi-family community and was redeveloped in 2004.
In just one quarter since closing, the RVA Portfolio, including Grace & Monroe, 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.