Waller Group is proud to present the stabilized 48-unit Jackson Pointe Townhomes.
All units at Jackson Pointe have undergone top-notch condoquality renovations, offering residents the finest rental option in the submarket. The convenient location near downtown Richmond and the spacious townhome-style floor plans make the asset highly sought-after.
Jackson Pointe presents potential for growth through operational enhancements and the exciting opportunity to construct additional units on the property. Jackson Pointe boasts the largest 3 BD floor plans in the market (1,680 SF), which have a den perfect for remote workspace. The asset is 10 minutes from the Richmond International Airport giving it a competitive advantage relative to market competition.
Each unit comes equipped with W/D connections, private backyards, and separate townhome entrances. These features provide added convenience and comfort for residents.
New move-in rents for 2 BD units are $1,684 & $1,799 for 3 BD units. There is minimal deferred maintenance due to recent improvements including the replacement of all roofs, updated pool to pristine condition (reinforced foundation and decking, resurfaced, and upgraded equipment), repaving and striping of the parking lot, and repainting of the entire property. With these updates, Jackson Pointe remains an attractive and well-maintained investment opportunity.
Currently, Jackson Pointe has existing Fannie Mae debt and is also eligible for future Fannie Mae debt qualifications. New ownership has the option to assume the two current loans. Loan A has $1,800,000 of outstanding balance, 3.78% interest rate, full-term I/O, and approximately 8 years remaining. Loan B has $1,912,000 of outstanding balance, 4.48% interest rate, full-term I/O, and approximately 8 years remaining.