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?

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Map of area being developed for Old Ivy Residences.

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.

Artist rendition of Old Ivy Residences being built by Graystar in Charlottesville.

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CEO Jerry Miller

Jerry Miller is the CEO of The Miller Organization, The I Love CVille Network, VMV Brands, The Blue Ridge Venture Fund, I Love CVille Real Estate and Charlottesville Business Brokers which are all headquartered in Downtown Charlottesville, Virginia. Jerry is passionate about the #ShopLocal movement and supporting locally-owned businesses. Get to know Jerry at JerryMillerNow.com.