Asset Overview

  • 57 Unit Apartment Complex

  • Richmond, Virginia

  • Value Add
  • Core Plus

Asset Details

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 fireproof hospital. It was 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.

View Our Other Investments

“Everyone should have access to the best commercial real estate investments. Not just the 1%.”

CalTier CEO & Founder
Matt Belcher

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