BRJ Portfolio

Feldman Ruel is pleased to exclusively offer for sale Railroad YMCA and Lava Lofts, two well-maintained, strategically-located, and professionally-operated multifamily properties in Richmond, Virginia. Held by the same ownership group for the past 12 years, both properties are in turn-key condition with little-to-no deferred maintenance and have benefited from significant recent capital investment. These improvements include a full floor-by-floor VRF HVAC system replacement at Railroad YMCA completed between 2021 and 2026 at a cost of approximately $1,000,000, and a new roof installed at Lava Lofts in August 2026. Beyond CapEx, ownership has maintained a high standard of operation, including unit painting on turnover, tenant valet trash service, and diligent upkeep of the exterior façades and grounds.

The subject properties have demonstrated exceptional operating performance. The portfolio achieved average occupancy in excess of 97% in 2025 with zero concessions, zero bad debt, and has recorded zero evictions over the trailing 12-year period. This performance is underpinned by disciplined leasing criteria, including a minimum 675 credit score with no co-signers accepted for credit purposes, and income requirements of three times monthly rent, all maintained alongside a modest advertising budget.

The offering presents clear, near-term value-add potential. Upon the expiration of Rosie O’Connally’s lease at Railroad YMCA in June 2027, a purchaser may submeter water service or recover water and sewer expenses through a standard pro rata reconciliation, increasing annual building NOI by an estimated $60,000.

Additional upside exists in parking revenue. Engaging a third-party operator to manage the surface lots, capture hourly daytime demand, and offer monthly neighborhood parking represents a low-capital opportunity to increase ancillary income across both properties.

Proven performance, disciplined ownership, and clearly identified upside position Railroad YMCA and Lava Lofts as compelling, stabilized multifamily investments with meaningful NOI growth potential.