Appendix | 201
For-Rent Residential Communities in Chesapeake
The Chesapeake apartment market has several newly constructed
apartment communities. In the Greenbrier region, close to 1,000 units
were delivered in 2012 and 2013. The top-of-market property, Aura at
Towne Place, is achieving $1.34 per square foot at an average
occupancy of 95%. The apartment stock near Dominion Boulevard is
Map of Select Apartment Community Comparables
Chesapeake, VA; February 2014
MAP
YEAR
AVG EFF OCC
new, well-occupied, and well-amenitized. The target market for
apartments is young professionals and young couples prior to buying
their first home, people re-locating to the market, and lifestyle renters.
1
8
5 3
4
9
2
.
.
KEY COMMUNITY NAME BUILT UNITS RENT %
1
Fenwyck Manor
2013
288
$1.17 94%
2
Streets of Greenbrier
2013
280
$1.30 67%
3
Aura at Towne Place
2012
215
$1.34 95%
4
The Carlton at Greenbrier
2012
176
$1.10 96%
5
The Morgan
2010
164
$1 25 88%
7
10 6
.
6
Tapestry Park
2011
190
$1.27 100%
7
Bell Great Bridge
2009
192
$1.25 97%
8
Belmont at Greenbrier
2006
348
$1.10 93%
9
Hideaway at Greenbrier
2005
374
$1.07 98%
10
Adalay Bay
2002
240
$1.06 92%
Total/Average
2 467 $1 23 95%*
,
.
Study Area
*E l d St
t f G b i
hi h i
tl
l
i
Dominion Boulevard | City of Chesapeake | April 11, 2014 | E4-11982.40
56
xc u es ree s o reen r er, w c s curren y pre- eas ng
.
Source: RCLCO: Property Websites; Leasing agent interviews
