• 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.