Virginia: In the Spotlight
Virginia, often known as the Old Dominion State, is home to around 8.2 million people. The state of Virginia is the 12th most populous state, and is also home to cities like Virginia Beach, which is the most populated city in the state with more than 450,000 residents. Norfolk is another key location in the state, with more than 244,000 people calling the region home.
- Virginia is hailed as “The Birthplace of a Nation”
- Capital One Financial Corp. is the largest employer in Virginia, with over 13,000 employees.
- Service, Technology, and Agriculture are the largest industries in the state.
- The average household income is $74,222.
- The average age in Virginia is 38 years old.
- Virginia has 3.4 million employees across the state.
- The home ownership rate is roughly 66%, which leaves around 34% of the residents looking for apartments and rental properties.
Virginia Apartment Loan and Multifamily Property Facts
Virginia is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- Virginia is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Virginia are 1.37% higher than the previous year.
- The average rent in Virginia is $1,234.
The market for commercial real estate in Virginia is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
Virginia Apartment Loan and Lending Options
In the state of Virginia, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Richmond or a simple eight-unit property in an up-and-coming neighborhood of Alexandria. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your Virginia Apartment Building Now
The team at Apartment.loans specializes in apartment building loan products and options available for borrowers and investors of apartment properties throughout Virginia. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a cooperative, our team endeavors to meet all of your apartment mortgage loan needs. Virginia is a state that has been a decently strong market for apartment property loans and we are no strangers to arranging high-quality loans in the state for investors. We have a plethora of many available loan products to help qualified borrowers purchase or refinance an apartment property.
Apartment.loans offers apartment loans with terms and amortizations of up to 30 years, with recourse and non-recourse options, and flexibility when it comes to prepayment. Virginia apartment building loans typically close within 45 days of application. With the apartment.loans streamlined application process (with no-cost and no-obligations), gain unbiased access to the best possible apartment financing in the state of Virginia!
Apartment loans from $750,000 and up.