Fairlawn Apartments Sells at a 6.85% Cap Rate in Southwest Virginia | Marcus & Millichap

The Uzun Group at Marcus & Millichap has closed the sale of Fairlawn Apartments, a 17-unit multifamily property located at 7576 State Road 695 in Fairlawn, VA. The property sold for $825,000, reflecting a 6.85% cap rate — a return profile that continues to attract investors to well-run multifamily assets in Southwest Virginia.

A 6.85% cap rate stands out in today's multifamily investment sales market, offering buyers a meaningfully higher yield than what's typically available in Virginia's larger metros. That kind of return, paired with a manageable 17-unit deal size, made Fairlawn Apartments an appealing opportunity for investors looking to put capital to work in a smaller, more accessible submarket without sacrificing income potential.

The closing further extends the Uzun Group's presence beyond Hampton Roads and into Virginia's secondary multifamily markets, where the team continues to see strong demand from investors drawn to higher yields and lower price points. Deals like this one highlight the broader opportunity available to buyers willing to look past primary metros for multifamily investments that pencil.

The deal was led by Jack Carroll, alongside team members Altay Uzun, Justin Ferguson, and Myles Lee, who worked together to bring the transaction to a successful close.

Thinking about selling a multifamily property in Virginia? The Uzun Group offers free property valuations for owners looking to understand what today's market could mean for their asset.