US - Jacksonville, FL
1987 vintage, 282-unit property located in the heart of Fairfax, Virginia. The Property features 62 unrenovated units (22% of unit mix) and 220 previously upgraded units (78% of unit mix, completed predominantly between 2014-2017). Arbors at Fair Lakes presents the opportunity for a comprehensive renovation strategy and possesses immense achievable upside and value-add potential through in-unit, common area, and amenity renovations. Current in-place rents are ~20% below newer vintage, market-leading competition, providing for substantial headroom for rental rate growth.