Occupancy rises at Richmond Highway Corridor’s newer apartment complexes

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The Belhaven has seen a significant decrease in unit availability over the past six months, according to CoStar data. (Credit: The Belhaven)

Recent CoStar property summary reports prepared by the Southeast Fairfax Development Corporation (SFDC) show that some of the Richmond Highway Corridor’s newer multifamily housing developments are quickly filling up.

Between mid-July 2023 and early January 2024, the unit availability rate at two of the corridor’s newer higher-end properties, South Alex and The Belhaven, fell significantly, according to CoStar data. South Alex’s unit availability rate fell from 24% to 16.8%, while The Belhaven’s dropped from 66% to 6.6%. The increase in occupancy came despite the two properties’ average rent of over $2,300 per month, which is among the highest around the corridor.

Most of the other Richmond Highway area apartment complexes that were completed in 2012 or later — including The Beacon at Groveton, Belvoir Square, The Arden, The Parker and The Shelby — had unit availability rates of less than six percent in early January, CoStar data showed.

"The Richmond Highway Corridor's multifamily market is strong," said Evan Kaufman, executive director of SFDC. "As we witness the corridor’s economic and physical transformation, it's fast becoming a preferred destination, offering urban amenities alongside the peace, access to nature, and community spirit of the suburbs."

Another new property, the Residences at North Hill, declined to provide occupancy rates to On the MoVe, but a spokesperson for Pennrose said that residents began moving into the affordable housing units in November and that “interest in the property continues to build,” with open houses taking place every Saturday from 10 a.m. to 2 p.m. until the end of February.

North Hill’s senior building — aimed at those over the age of 55 — recently finished up construction, marking the completion of the 279-unit development. The senior building is now leasing and preparing for tenant move-ins in February, said the Pennrose representative.

Another brand-new property that’s preparing for residents to move in next month is the Aventon Huntington Station. According to regional property manager Lisa Munley from Willow Bridge Property Company, the luxury complex is just over 10% pre-leased with construction anticipated to be fully complete by March if all inspections are passed.

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