Have you considered the business model for Old Ivy Residences, a 525-unit, build-for-rent multifamily project at the intersection of the 250 Bypass and Old Ivy Road?
Greystar Real Estate Partners, an international real estate developer based in the United States with more than $76 billion in gross assets under management across 17 countries as of 2023, is developing 336 one, two and three-bedroom apartments and 189 three-bedroom detached homes.
Let’s do some back-of-the-napkin calculations:
525 units for rent.
Average rent will roughly be $3,500 per month.
525 X $3,500 = $1,837,500 in rent collected per month.
$1,837,500 X 12 months = $22,050,000 in rent collected per year.
$22,050,000 X 10 years = $220,500,00 in rent collected in the first decade (and that’s without including a 5% yearly rent escalator).
The ROI on this project is monumental, and it comes at the expense of Charlottesville and Albemarle County quality of life.
Think about it.
