For Sale · Operational Upside | Excellent Location
The Park at Forest Hill Apartments
3900 Forest Hill Avenue Richmond Virginia 23225
AskingContact Agents For Pricing
For Sale · Operational Upside | Excellent Location
3900 Forest Hill Avenue Richmond Virginia 23225
| Unit Mix | Sq Ft | % Occupied | $/Month | $/PSF | |
|---|---|---|---|---|---|
| Byrd (1BD/1BA) | 69 | 633 | 99% | $1,130.00 | $1.79 |
| Maymont (2BD/1BA) | 6 | 1,026 | 100% | $1,208.00 | $1.18 |
| Forest Hill (2BD/1BA) | 6 | 936 | 100% | $1,210.00 | $1.29 |
| Totals / Averages | 81 | 685 | 99% | $1,141.70 | $1.71 |
The Park at Forest Hill is an 81-unit garden-style apartment community located in Richmond, Virginia’s desirable Forest Hill neighborhood, offering a stabilized investment with upside supported by strong occupancy and below-market in-place rents.
The property benefits from durable construction, efficient unit layouts, and proximity to neighborhood retail, parks, and major employment corridors, driving consistent renter demand in a supply-constrained submarket. Current ownership has invested more than half a million dollars in interior and exterior upgrades, but there are many value-add levers left to pull.
Future ownership can enhance revenue through operational improvements such as utility bill-back implementation, ancillary income programs, and conversion of non-revenue space to rentable units, all without heavy renovation risk.
Combined with favorable assumable financing and demonstrated rent growth within the immediate competitive set, The Park at Forest Hill presents a compelling opportunity to acquire a well-located Richmond asset with durable cash flow and clear pathways to NOI expansion.
South Richmond and the broader Richmond MSA continue to demonstrate strong demographic momentum that supports sustained apartment demand and long-term rent growth. The City of Richmond has experienced steady population gains over the past decade, driven by in-migration of young professionals, remote workers, and workforce households seeking relative affordability compared to larger East Coast metros. South Richmond in particular benefits from its proximity to Downtown, Manchester, and major employment corridors, while offering attainable housing options that appeal to both renters by necessity and lifestyle renters. Median household incomes across the metro have trended upward, unemployment remains below long-term averages, and educational attainment continues to rise, reflecting a diversifying and increasingly skilled labor base. Combined with ongoing infrastructure investment, healthcare and advanced manufacturing expansion, and the region’s role as a logistics and distribution hub along the I-95 corridor, Richmond’s demographic profile supports durable renter demand and positions South Richmond as a compelling submarket within a growing and economically resilient capital city.
Ryan’s practice at One South Commercial focuses on investment and development site sales throughout Virginia. He brings a detailed, solutions-oriented approach to each transaction and has successfully represented a wide array of buyers and sellers on deals ranging from $1 million to $35 million. A Richmond native with a background in institutional real estate management, Ryan leverages a wide network of industry contacts and his experience “under the hood” to advise One South Commercial’s clients on everything from local sub-markets to national capital markets, and is ready and able to tackle anything in between.
Justin is a seasoned commercial real estate expert with over 15 years worth of experience. Having a widespread knowledge of the Richmond real estate market, Justin is comfortable handling many types of transactions, but his primary practice areas are multifamily and investment sales. Justin possesses a commanding knowledge of Richmond’s rental market, providing his clients with in-depth analysis of the competitive landscape and value-added solutions. Justin is a Richmond native and a graduate of Virginia Commonwealth University.
DISCLAIMER: This offering memorandum is intended as a reference for prospective purchasers in the evaluation of the property and its suitability for investment. Neither One South Commercial nor Seller make any representations or warranties with respect to the accuracy or completeness of the materials contained in the offering memorandum. Prospective purchasers should evaluate the property independently and rely solely on such independent evaluation in determining whether to purchase the property. The offering memorandum, pricing, and terms therein are subject to change or withdrawal at the discretion of Seller and One South Commercial, as Seller’s exclusive representative. *Information provided deemed reliable but not guaranteed
