RICHMOND - Colliers Multifamily Advisory Group · On the supply side, permits for 1,222 multifamily...

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Research & Forecast Report

RICHMONDQ3 2016 | Multifamily

Source: AXIOMetrics. RCA, CoStar

Richmond does not experience excessive peaks like others in the Southeast region, but it does offer opportunity as a minimal-risk marketplace with stable demand drivers. Richmond’s effective job growth has generated additional momentum every year since 2013. Currently, job growth in Richmond as a percentage is nearly double the national average. Over the past twelve months – Richmond has created nearly 22,000 jobs which is the most new jobs produced in a one year period since 1996. With steady demand, occupancy rates continue to rise, averaging roughly 96% since mid-2014. According to Axiometrics second quarter reporting – Richmond was ranked 12th in the country by quarterly effective rent growth at 3.2%.

Following five years of impressive job growth, multifamily fundamentals have never been stronger. As an effect, unemployment remains below the national average with no signs of expanding. We confidently believe all new supply will quickly and effectively absorb. The traditional absorption metric when analyzing a market to be overbuilt or underbuilt is five new jobs created for every one apartment permit. When comparing Richmond’s 2016 job growth to multifamily permitting – the ratio is a commanding 17.5:1. Most if not all banks have paused their construction lending platforms as Basel III constricts their ability to provide debt capital to developers. This will further insulate the existing Richmond multifamily market in 2017 and 2018 creating the region’s most favorable marketplace in modern history.

Top 25 Markets by Quarterly Effective Rent Growth

MSA/Metropolitan Division

Quarterly Effective

Rent Growth

Seattle-Bellevue-Everett, WA 5.4%

Sacramento-Roseville-Arden-Arcade, CA 5.3%

Boston-Cambridge-Newton, MA-NH 4.3%

Charleston-North Charleston, SC 4.1%

Denver-Aurora-Lakewood, CO 4.0%

Portland-Vancouver-Hillsboro, OR-WA 3.8%

Chicago-Naperville-Arlington Heights, IL 3.6%

Las Vegas-Henderson-Paradise, NV 3.5%

Forth Worth-Arlington, TX 3.2%

San Diego-Carlsbad, CA 3.2%

Riverside-San Bernardino-Ontario, CA 3.2%

Richmond, VA 3.2%

Raleigh, NC 3.1%

Oakland-Hayward-Berkeley, CA 3.1%

Washington-Arlington-Alexandria, DC-VA-MD-WV 3.0%

Hartford-West Hartford-East Hartford, CT 2.9%

Phoenix-Mesa-Scottsdale, AZ 2.8%

Nashville-Davidson-Murfreesboro-Franklin, TN 2.7%

St. Louis, MO-IL 2.7%

Minneapolis-St. Paul-Bloomington, MN-WI 2.7%

Silver Spring-Fredrick-Rockville, MD 2.6%

Baltimore-Columbia-Townson, MD 2.6%

Charlotte-Concord-Gastonia, NC-SC 2.5%

Memphis, TN-MS-AR 2.4%

Dallas-Plano-Irving, TX 2.4%

Job Growth & MF Permits

Multifamily Permitting Annual Job Gain (000) Annual Job Growth (%)Trailing 12 Months Ending Change Annual Numerical Change Annual Percentage Change

MSA Name Aug 13 Aug 14 Aug 15 Aug 16 8/16 vs 8/15 Aug 13 Aug 14 Aug 15 Aug 16 Aug 13 Aug 14 Aug 15 Aug 16Richmond, VA 1,116 1,500 887 1,222 37.8% 9.2 11.6 17.7 21.4 1.5% 1.9% 2.8% 3.3%

National 309,973 360,650 434,590 402,131 -7.5% 2,314.0 2,636.0 2,848.0 2,451.0 1.7% 1.9% 2.0% 1.7%

Richmond Experiencing Unprecedented Job Growth

Market Survey Results and ForecastsSequential Month Annual

4Q15 1Q16 2Q16 3Q16 Sep-16 2014 2015 2016F 2017F 2018F 2019F 2020F

Effective Rent Per Unit $979 $984 $1,014 $1,017 $1,011 $955 $977 $1,006 $1,043 $1,076 $1,102 $1,136

Per Sq. Ft $1.08 $1.08 $1.11 $1.12 $1.11 $1.05 $1.07 $1.10 $1.15 $1.18 $1.21 $1.25

Effective Rent Growth - Annually 3.0% 2.8% 3.1% 2.9% 2.6% 2.0% 2.4% 3.0% 3.7% 3.1% 2.4% 3.0%

Effective Rent Growth - Quarterly -0.9% 0.5% 3.2% 0.2%

Occupancy Rate 94.4% 94.4% 95.1% 95.1% 95.1% 94.2% 94.4% 94.9% 95.2% 94.7% 94.1% 94.5%

Occupancy Change - Annually 0.6% 0.5% 0.8% 0.3% 0.5% -0.1% 0.2% 0.6% 0.3% -0.6% -0.6% 0.4%

Occupancy Change - Quarterly -0.4% 0.0% 0.8% 0.0%

Economic Concessions Concession Value $-5.63 $-7.41 $-3.90 $-3.68 $-4.92 $-11.03 $-5.88

As a % of Asking Rent -0.6% -0.8% -0.4% -0.4% -0.5% -1.1% -0.6%

MARKET METRICS

COLLIERS INTERNATIONAL MULTIFAMILY ADVISORY GROUP P. 3www.ColliersMultifamilyEast.com

Multifamily Absorption and Supply

Annual 3Q16 Annual Forecast

2013 2014 2015 Market National 2016F 2017F 2018F 2019F 2020F

Total Units Absorbed 980 745 2,280 2,768 274,353 2,924 1,392 445 879 1,813

New Supply 1,130 1,224 1,865 2,470 367,859 2,456 1,271 1,305 1,488 1,110

Inventory Growth 0.9% 1.5% 1.9% 2.5% 1.4% 2.6% 1.9% 1.3% 1.5% 1.3%

Market Employment and Permitting

Annual August-16 Annual Forecast

2013 2014 2015 Market National 2016F 2017F 2018F 2019F 2020F

Employment (000s) 622.6 633.4 651.5 674.3 144,424.0 674.8 692.3 704.4 712.4 721.3

Job Gain (000s) 9.6 10.8 18.1 21.4 2,451.0 23.3 17.5 12.1 8.0 8.9

Job Growth (%) 1.6% 1.7% 2.9% 3.3% 1.7% 3.6% 2.6% 1.7% 1.1% 1.3%

Total Residential Permitting 4,832 4,330 4,858 4,676 1,056,185 5,355 6,709 8,087 6,722 6,431

Relative Change 18.4% -10.4% 12.2% 14.0% 2.3% 10.2% 25.3% 20.5% -16.9% -4.3%

Single Family Units Permitted 3,386 3,199 3,602 3,508 658,713

Relative Change 27.8% -5.5% 12.6% 10.0% 9.1%

Multifamily Units Permitted 1,362 1,006 1,154 1,056 368,231

Relative Change 8.3% -26.1% 14.7% 32.0% -8.2%

Multifamily as a % of Total 28.2% 23.2% 23.8% 22.6% 34.9%

Demand/Supply Ratio Job Gain / Total Residential Units Permitted 2.4 2.2 4.2 5.2 2.4 4.8 3.3 1.8 1.0 1.3

Job Gain / Single Family Units Permitted 3.6 3.2 5.7 6.7 4.1

Job Gain / Multifamily Units Permitted 7.7 7.9 18.0 26.8 6.1

SUPPLY AND DEMANDAccording to the Bureau of Labor Statistics, job growth in Richmond, VA Metro Area was 3.3% in August 2016, reflecting 21,400 jobs added during a 12-month period. The metro job growth figure was above the national number of 1.7%.

Axiometrics forecasts Richmond, VA Metro Area’s job growth to be 2.6% in 2017, with 17,538 jobs added. Job growth is expected to average 1.4% from 2018 to 2020, with an average of 9,681 jobs added each year.

On the supply side, permits for 1,222 multifamily units were issued in the 12 months ending in August 2016, up 68 units from the prior year’s sum. In terms of total residential housing, 5,219 units were permitted in the 12 months ending August 2016, an increase of 361 units from the prior year’s total.


THE DEMAND SIDE•Effective rent increased 0.2% from $1,014 in 2Q16 to $1,017 in 3Q16, which resulted in an annual growth rate of 2.9%. Annual effective rent

growth is forecast to be 3.7% in 2017, and average 2.9% from 2018 to 2020. Annual effective rent growth has averaged 2.2% since 3rd quarter of 1996.

•The most consistent winners are in areas that are subject to stiffer barriers to entry for new development. Hanover County is the most restrictive and affordability to will continue to be an issue there. Demand remains high in Hanover and the west end of Henrico. Demand remains high in northern Chesterfield. Petersburg has experienced a sudden bump due to the repositioning of a huge number of low income properties.

•It’s not surprising that the submarket “Downtown/The Fan”-- which includes the booming districts of Manchester and Scotts Addition -- leads the region in occupancy despite the influx of so many new apartments. The Millennials are flocking to the urban core. The next four communities on the list are the beneficiaries of very restrictive land use controls in Henrico and Hanover County.

Effective Rent Growth Ranking by SubmarketSubmarket Rank 3Q16 LTA* 2016 2017F-2020FPetersburg 1 5.1% 0.4% 4.9% 2.5%Near West End 2 4.8% 2.2% 4.7% 3.4%North Chesterfield 3 3.7% 2.1% 3.5% 2.9%South Chesterfield 4 3.7% 2.2% 3.8% 2.9%Far West End 5 3.4% 2.5% 3.7% 3.3%Southside/Westover Hills 6 3.3% 1.3% 3.6% 2.3%Northside/Laburnum 7 3.3% 3.6% 2.9% -0.2%Hanover County 8 2.5% 2.6% 2.3% 3.8%Downtown/The Fan 9 2.0% 1.7% 1.0% 3.1%Chesterfield County/Other 10 1.6% 1.7% 2.5% 2.9%Southside/Broadrock 11 1.3% 1.6% 1.6% 2.5%Airport 12 -0.5% 1.1% 0.0% 2.3%Market Average 2.9% 1.9% 2.9% 2.7%

Occupancy by SubmarketSubmarket Rank 3Q16 LTA* 2016F 2017F-2020FDowntown/The Fan 1 97.8% 96.7% 96.4% 96.3%Hanover County 2 97.6% 95.2% 96.7% 95.9%Near West End 3 96.6% 96.4% 96.1% 95.8%Far West End 4 96.2% 95.4% 95.9% 95.5%Airport 5 95.2% 95.0% 94.7% 94.6%North Chesterfield 6 95.0% 93.0% 95.0% 95.2%Southside/Broadrock 7 94.8% 90.1% 94.6% 93.9%Southside/Westover Hills 8 94.5% 96.3% 95.4% 95.4%Chesterfield County/Other 9 94.1% 92.2% 93.5% 93.2%Petersburg 10 93.4% 95.6% 93.9% 94.8%South Chesterfield 11 91.9% 93.5% 92.0% 91.4%Northside/Laburnum 12 91.9% 90.8% 92.2% 92.5%Market Average 94.9% 94.2% 94.7% 94.5%

*LTA - Long term average 1996 (or available) to current


IDENTIFIED SUPPLYPer Axiometrics, permits for 1,222 multifamily units were issued in the 12 months ending in August 2016, up 68 units from the prior year’s sum. In terms of total residential housing, 5,219 units were permitted in the 12 months ending August 2016, an increase of 361 units from the prior year’s total. As stated earlier – The traditional absorption metric when analyzing a market to be overbuilt or underbuilt is five new jobs created for every one apartment permit. When comparing Richmond’s 2016 job growth (21,400) to multifamily permitting (1,222 units) – the ratio is a commanding 17.5:1. Richmond could nearly absorb an additional 3,000 multifamily units and still be healthy.

As of October 10, 2016, Axiometrics has identified 2,155 apartment units scheduled for delivery in 2016, of which, 1,560 have been delivered.

As a comparison, there were 1,673 apartment units delivered in 2015.

Properties delivered to the market in the last 12 months have achieved an average asking rent of $1,297 per unit, or $1.56 per square foot. Effective rent has averaged $1,247, or $1.50 per square foot, resulting in an average concession value of $-50.00.

As a comparison, existing properties in the market had an average asking rent of $1,020 per unit ($1.12 per square foot) and an average effective rent of $1,017 per unit, or $1.12 per square foot, in 3Q16.

Submarket Delivery Schedule

Pipeline Delivery Schedule Pipeline Lease Up Trend

Units Absorbed Asking Rent Effective Rent

Top Submarkets 2014 2015 2016 Total Totals PPM Per Unit PSF Per Unit PSF Downtown/The Fan 385 347 337 1,069 235 9 $1,343 $1.97 $1,325 $1.94

Far West End 200 220 350 770 147 16 $1,389 $1.31 $1,377 $1.30

Near West End 96 228 240 564 16 5 $1,241 $1.51 $1,199 $1.46

North Chesterfield 58 457 573 1,088 331 14 $1,307 $1.23 $1,204 $1.13

Southside/Westover Hills 129 140 264 533 0 0 $1,242 $1.60 $1,143 $1.47

Other 411 281 391 1,083 71 10 $1,198 $1.80 $1,187 $1.79

Louisville/Jefferson County, KY-IN 1,279 1,673 2,155 5,107 800 12 $1,295 $1.55 $1,242 $1.49*Based on 2016 deliveries *Trend based on a trailing 12 month period


Date Property Name Address City Units Year Built Price in $ $/Units

Aug-16 The Birches 2318 Cecil Rd Richmond 98 1956 5,500,000 56,122

Aug-16 Audubon Village II 4633 Needham Ct Henrico 160 1974 / 2001

3,300,000 20,625

Aug-16 Riverview 205 Archer Ave Colonial Heights 88 2003 5,500,000 62,500

Jul-16 Madison Terrace 2110 Richmond St Hopewell 76 1979 3,055,000 40,197

Jul-16 Champions Club 4200 Harwin Glen Allen 212 1985 23,320,000 110,000

Jul-16 Park West End Apartments 5300 Glenside Dr Henrico 312 1985 28,500,000 91,346

Jul-16 River Road Terrace 20800 Riverterrace Rd Petersburg 128 1973 / 2005

2,900,000 22,656

Jul-16 Meadow Creek 5312 Hull Street Rd Richmond 144 1973 / 2010 6,250,000 43,403

Jun-16 Audubon Village I & II 4901 Wood Thrush Cir Henrico 214 2001 13,600,000 63,551

Jun-16 Ashland Woods I & II 1100 W Omni Ter Ashland 150 1999 10,400,000 69,333

Jun-16 Aspen Station 1500 Forest Run Dr Henrico 232 1980 22,900,000 98,707

Jun-16 Hickory Creek 2344 Hickory Creek Dr Henrico 294 1985 28,550,000 97,109

Jun-16 Millspring Commons 9318 Tarheel Ter Henrico 159 1972 / 1985 18,180,000 114,340

Jun-16 South Pointe Landing 6110 Cricklewood Dr Richmond 192 1972 11,650,000 60,677

Jun-16 Hanover Crossing Apartments

9258 Hanover Crossing Dr Mechanicsville 220 1987 22,793,000 103,605

Jun-16 Wilde Lake 2900 Bywater Dr Henrico 190 1989 20,937,000 110,195

Jun-16 Parachute Apartments 300 Decatur St Richmond 95 1937 / 2006

6,500,000 68,421

RECENT SALESReal Capital Analytics provides information on 12 communities which closed in the 3rd Quarter of 2016. The most notable sales, representing about 60% of the total dollar amount for the quarter, were Champion Club (212 units) and Park West End (312 units), far west end mid-80’s garden apartments. The Colliers International | East Region team, consisting of Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel, represented the Seller, Core Management Holdings of Newport Beach, California. A third local community-- Hickory Creek (294 units), owned by Core and sold by Colliers-- closed in June. The total value for the three communities was over $82 Million.


PIPELINE DETAIL# Name Status Owner Address Market UnitsLease-Up Total Units 9561 Plant 1 Apartments Lease Up Larson Development 403 Stockton St Old Town Manchester 1342 Spectrum Lease Up Willie E Lanier 2017 Brook Rd Virginia Union 1033 City View Lofts Lease Up Jim Schwalls & Associates, Inc. 409-611 Bainbridge St Old Town Manchester 1214 8th & Main Lease Up The Monument Companies, LLC 800 E Main St City Center 1955 Element at Stonebridge Lease Up Boyd Homes 301 Karl Linn Dr Chesterfield County 2036 Deco at CNB Lease Up Douglas Development Corporation 219 E Broad St City Center 200Under Construction Total Units 2,3027 The Overlook Under Construction Historic Housing Ltd. 1817 E Main St Shockoe Bottom 768 Ironbridge Corner Apartments Under Construction Surber Development and

Consulting6700 Iron Creek Cir Chesterfield County 80

9 Shockoe Valley Apartments: Phase II

Under Construction Genesis Properties 1905 Cedar St Upper Shockoe Valley 87

10 City View Lofts - Phase II Under Construction Jim Schwalls & Associates, Inc. 611 Bainbridge St Old Town Manchester 9811 The Crossings at Hanover Under Construction Smith/Packett 8227 Meadowbridge Rd Hanover County 11012 Charleston Ridge Apartments Under Construction Charter Realty 10449 Atlee Station Rd Hanover County 13313 Element at Stonebridge Phase II Under Construction Boyd Homes 301 Karl Linn Dr Chesterfield County 19714 The Retreat At West Creek -

Phase IIUnder Construction Pegasus Residential, LLC 1000 Wilkes Ridge Pl Goochland County 82

15 Courtyard Lofts at Scott's Addition

Under Construction Cushman & Wakefield|Thalhimer Property Management

3200 W Clay St Scott's Addition 100

16 Valley West Apartments Under Construction Valley West, LLC 100 N 20th St Shockoe Bottom 16017 Avia Luxury Apartments Under Construction Commonwealth Properties 12350 W Broad St Western Henrico County 32018 The Village at Westlake Under Construction The Breeden Company 6508 Jahnke Rd Jahnke 25219 GRTC Under Construction The Monument Companies, LLC 101 S Davis St The Fan 28020 Gumenick Apartments Under Construction Gumenick Properties 5001 Libbie Mill Blvd E Western Henrico County 327Proposed Total Units 3,62021 CMB Multi-Family Development:

Phase IIProposed CMB Development, LLC 519 E Main St City Center 84

22 Symbol Mattress Mult-Family Development

Proposed Thetford Properties Limited Partnership

1814 Highpoint Ave Scott's Addition 202

23 Belmont Apartments Proposed 2252 LLC 4000 W Broad St Sauer's Gardens 23824 Canopy at Ginter Park Proposed Union Theological Seminary Va 1311 Westwood Ave Sherwood Park 30125 Fountainhead MF Project Proposed Fountainhead Properties 115 Hull St Old Town Manchester 9126 Church Hill North Proposed City Of Richmond 1611 N 31st St Church Hill North 15527 Colony Village Phase II Proposed Plus Management 10220 Jefferson Davis

HwyChesterfield County 166

28 1903 E Marshall St Proposed GTR Cedar, LLC 1903 E Marshall St Upper Shockoe Valley 17829 Element at Stonebridge - Phase

IIIProposed Boyd Homes 301 Karl Linn Dr Chesterfield County 200

30 Midlothian Town Center Apartments

Proposed CMB Development, LLC 1300 Winterfield Rd Midlothian 246

31 Abberly at CenterPointe Proposed University Of Virginia 1900 Brandermill Pky Midlothian 27132 Manchester on the James Proposed Northwood Ravin 700 Cowardin Ave Woodland Heights 20033 Reynolds Packaging

RedevelopmentProposed Cushman & Wakefield|Thalhimer

Property ManagementW 6th St Old Town Manchester 263

34 Big Oak at Bell Creek Proposed Stanley Shield, Inc Left Flank Rd Hanover County 33135 Oakland Chase Phase II Proposed United Property Associates 6418 Oak Front Ct Eastern Henrico County 15036 Roseneath Towers Proposed Historic Housing Ltd. 1400 Roseneath Rd Scott's Addition 25837 Caldwell Park Proposed Edge Development Partners Chamberlayne Rd @ New

Ashcake RdHanover County 286

Total Units 6,878


PIPELINE MAPS

Key

Lease-Up

Under Construction

Proposed

21

27

33

23

29 35

25

31

37

22

28

34

24

30

36

26

32

7

13

19

9

15

11

17

8

14

20

10

16

12

181

3

5

2

46

Richmond

Downtown Richmond

Downtown Richmond


OUR PROVEN TRACK RECORDRecent Closings

“We were extremely pleased with the East Region team and its ability to attract an incredible amount of interest in our 3 assets. The number of offers received and the end results exceeded our expectations. They have a talented group who was a pleasure to work with. Their performance stands out against any of the groups we work with nationally.”

Nels Billsten, Vice President | CORE Realty Holding Management

Property Hickory Creek Champions Club Park West EndAddress 2344 Hickory Creek Dr

Henrico, VA 232944200 Harwin Place Glen Allen, VA 23060

5300 Glenside Drive Richmond, VA 23228

Vintage 1984 1987 1985Units 294 212 312Occupancy 95.0% 97.6% 95.2%Avg SF 932 778 721 Avg Rent $957 $888 $822 Rent PSF $1.03 $1.14 $1.14 Closing Date June 21, 2016 July 11, 2016 July 11, 2016

WE CAN HELP YOUAs an investor in multifamily properties, you need a firm that provides experience, broad reach and the ability to market an asset no matter how challenging the economic environment. You need a team that specializes in your market you need the East Region Multifamily Advisory Group.

Colliers International has one of the largest and most experienced teams in the industry, strategically located in key markets throughout North America. Our combination of market dominance, expertise, and singular focus, make us uniquely successful in helping our clients achieve their disposition objectives.

How are we able to bring together the skills and tools necessary to complete challenging assignments? Our East Region Multifamily Advisory Group is connected by purpose and focus. Our team is dedicated to sharing information on market opportunities, capital sources and buyers/sellers to achieve the best results for our clients.


RICHMOND IN THE NEWSRichmond area outpaces state and nation in job growth, by Carol Hazard, Richmond Times-Dispatch

The Richmond area is outpacing the state and the nation in job growth, and its unemployment rate is lower.

The jobless rate in the Richmond metro area fell to 4.2 percent in February from 4.4 percent in January and from 5.2 percent a year ago in February, according to figures released Wednesday by the Virginia Employment Commission.

“The Richmond metropolitan area still rates 13th best among large metro areas in the nation,” said senior economist Ann Lang at the Virginia Employment Commission.

Economic Impact: Richmond region’s job growth is better than state and nation, by Christine Chmura, Richmond Times-Dispatch

The Richmond area’s economy was hit harder during the recession than the state and nation, in part because of its dependence on finance and insurance industries.

Now the employment growth in the Richmond region is outpacing all of the metropolitan areas in the state and is growing slightly faster than the nation on a year-over-year basis.

Chesterfield County halves its cash proffer: The General Assembly shelves a bill to cap state historic tax credits, by Bruce Milam, Colliers International | Richmond

The biggest news of the quarter for multifamily development is the recent one of Chesterfield County to slash the cost of required cash proffers to roughly half their previous amount. The cash proffer system commenced in 1992 ostensibly to mitigate the effect of residential growth on public infrastructure in the County and was set initially at little more than $2500 per unit. It rose steadily, come economic boom or bust, to a stifling sum of approximately $19,000 per unit. The cash proffer effectively eliminated the possibility of rezoning land for affordable housing including the development of Class A multifamily communities.

New leadership in the County, working closely with the Homebuilders Association of Richmond (HBAR), restructured the method by which the Chesterfield paid its way for public improvements and realized an opportunity to reduce the proffer to a “ceiling” of $9400 per unit. The actual amount is negotiable and based upon a formula of in-kind contributions by the developer.

This reduction should be a boon to the development of Class A multifamily communities, which are virtual cash cows to the County tax revenues and serve as housing incubators for Gen Y professionals. One can expect to see multiple new apartment deals in the news in Chesterfield over the course of the next year.

The HBAR Multifamily Council was also successful in stemming a near disastrous bill at the General Assembly which would have arbitrarily set an annual cap of the total dollar amount of state historic tax credit awards. The state historic tax credit has been instrumental in the financing the re-adaptive use of obsolete and abandoned office and industrial buildings in the urban core into loft apartments. A cap would have jeopardized the financial structure of many deals and crippled the growth of affordable housing and the revitalization of aging communities. Kudos to HBAR on both fronts.

Colliers International Richmond is a long standing member of HBAR, and team member Bruce Milam serves on their Board of Directors and chairman of the HBAR Multifamily Council.

WHO WE AREOne of the largest and most

experienced teams of multifamily

specialists in the industry

Units sold since 2011

30,000MORE THAN

Group gross transaction value in since 2011

$2.0B

Dedicated Multifamily Professionals & Advisors

50MORE THAN

Expansive geographic footprint

20COVERING OVER

STATES

JASON HETHERINGTON, SIORSenior Vice President | Richmond & [email protected]+1 804 591 2407

WILL MATHEWSPrincipal | East [email protected]+1 404 877 9285

www.ColliersMultifamilyEast.com

To learn more, scan this with a QR code reader or visit:

AT YOUR SERVICE

BROOKS COLQUITTAssociate | East [email protected]+1 404 978 2337

CRAIG BROWNAssociate | East [email protected]+1 404 978 2336

BRUCE MILAMSenior Vice President | Richmond & [email protected]+1 804 591 2412

JACKIE NOEL, CCIM CPMSenior Broker | Richmond & Norfolk [email protected]+1 804 591 2423

RICHMOND - Colliers Multifamily Advisory Group · On the supply side, permits for 1,222 multifamily...

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