Driven by strong activity marketwide, vacancy fell 21 bps year-over-year to 5.5%, while rent grew 5.5% year-over-year to a record $1.16 per sq. ft. by the close of H1 2018.
CBRE represented the seller of the Class A, 154-unit First National Apartments, a 20-story iconic apartment conversion from a bank built in 1913, selling in June 2018 at a price of $39.25 million, or $254,870 per unit.
The 202-unit Symbol Apartments in Scott’s Addition led the charge in the urban markets 669
units delivered in H1 2018.
Shockoe Bottom saw 219 units delivered and 117 units of net absorption, with 334 units in the pipeline.
Rent growth was strong marketwide as the urban market set a record average rate at $1.52 per sq. ft. and suburban average rent grew 3.2% over the half.