Luxury Apartment Community Success Tells a Bigger Story about The Richmond Market

Located in the heart of the Short Pump Town Center area is Avia Luxury Apartments where its success reflects Richmond’s continued growth and its national dominance with key market statistics.  Avia is arguably one of the most luxurious and high-end apartment communities in the greater Richmond area and even rivals most apartment communities in the state of Virginia.  “Generally, high-end apartment communities take a longer time to lease-up and to attract quality residents who want more amenities and are willing to pay higher rents,” states Wendy Drucker, Managing Partner with Drucker + Falk whose DF Multifamily division manages Avia Luxury Apartments.

Drucker adds, “We completed the lease up in 15 months while commanding some of the highest rents in the area. These rents are even above average rates for comparable communities across the country.  I can say with confidence that the lease up and rental rate performance far exceeds industry standards.”  The community’s location is no doubt a big part of the appeal, being next door to Wegman’s and Cabela’s with some of the city’s best restaurants and retailers within walking distance. But, it is also a tribute to the developer, Steven Middleton with Commonwealth Properties, who considered every detail.  The bet was that there would be a demand for a high-end living community in the heart of Richmond with residents who would be more than happy to pay a premium for exceptional amenities in an ideal location. 

As you dig deeper in to the success of Avia and its high demand by Richmond residents, one can also see that it is also a reflection of Richmond’s position as one of the nation’s most successful cities.  According to Forbes in its 2017 market data, Richmond’s unemployment rate is at 3.9%, median household income of $107,290 with cost of living 3% below the national average. Those are statistics that are all you need to know to understand why a community like Avia is flourishing.  Adding to Richmond’s many accolades is one of the highest job growth rates in the nation, recently ranked 15th data released for the first half of 2017 by the Bureau of Labor Statistics.  When you combine the quality of the amenities, high-end interior finishes and ideal location with professional property management around those statistics, it is a winning combination.  But this is also a lesson for all in business of how vision, quality and experience matter to thrive in today’s fast changing, complex business environment.

“Richmond is an important market for DF Multifamily and our success with managing Avia Luxury Apartments and other communities in the area parallels the tremendous success of the Richmond metro area. We have to do things right here (in Richmond) we can capitalize on” says Andrew Chisolm, Director of DF Multifamily.  DF Multifamily assumed management of Avia Luxury Apartments in November 2015.  “The success with Avia is as much a reflection of DF Multifamily’s many years of experience and its genuine commitment to resident satisfaction as it is the thriving characteristics of the Richmond community. We are proud to be a part of this success.”, added Jim Ledbetter, President of DF Multifamily.

Founded in 1938, Drucker + Falk is a full service real estate and investment firm, managing a diverse portfolio of nearly 30,000 apartments in nine states and operates three divisions, DF Multifamily, DF Commercial and DF Ventures.  Collectively, the company specializes in multifamily management of all asset types including new development and construction consultation as well as lease ups, restoration and upscale multifamily conversions and commercial brokerage services. The company also provides services for asset repositioning and stabilization of challenging properties, mixed use management and due diligence. 

For more information on Avia Apartments, see https://aviaapartments.com/