The Virginia based multi family team at Colliers is pleased to present the offering for the Long Lofts in Petersburg, VA. The subject asset is located at 1131 Commerce Street in Petersburg, Virginia, and presents a rare opportunity to acquire a fully redeveloped multifamily community in a market experiencing significant revitalization. Long Lofts was converted into 62 loft-style, one bedroom, one bathroom apartments totaling 67,882 SF and property blends historic architecture with modern finishes. Situated just minutes from Fort Gregg-Adams (27,000+ personnel), Virginia State University (4,000+ students), and regional employment centers along I-95 and I-85, the property enjoys a diverse and stable tenant base. Long Lofts also benefits from its immediate access to Petersburg’s growing cultural and entertainment district, where residents frequent local favorites such as Wabi Sabi, Maria’s Old Town 21, Croaker’s Spot, Demolition Coffee, and The Brickhouse Run, along with shopping options including Southpark Mall, Southgate Square, Target, and Walmart Supercenter. Recreational and cultural attractions such as Patton Park, the Appomattox River Trail, Petersburg National Battlefield, and Regal Southpark Mall further strengthen the community’s appeal. What makes Long Lofts especially attractive is the built-in opportunity to drive returns through operational efficiency and expense normalization. Current underwriting reflects a standard 4% management fee, consistent with market averages, though an owner-operator can enhance cash flow by reducing or eliminating this cost. Additional upside exists as rents are standardized across units, vacancy stabilizes closer to current performance, and bad debt collection practices are tightened. With other income streams—including administrative, late, and application fees as well as the newly implemented $40 utility fee—already showing growth, investors can further benefit from the reduction of legacy expenses such as contract services and cable/internet plans. Collectively, these measures position Long Lofts to outperform its current projections, offering an investor the ability to achieve a cash-on-cash, making it a highly compelling acquisition in one of Central Virginia’s most promising submarkets.