The James 601 W Bacon St 270 Unit Apartment Building For Sale Richmond, VA 23222

The large, townhome-style units at The James are a distinctive attraction for prospective residents, but lack many of the modern, Class A finishes of its competitive set. New ownership can implement a variety of unit upgrades to generate rental premiums. With these upgrades, CBRE anticipates new ownership increasing rents $60 to $120 per bedroom, resulting in a return-on-cost of 25%+.
With 29,288 students (Fall 2025), VCU is the third largest university in Virginia and one of only 135 public R1 research institutions. The university’s master plan, approved in June 2022, set an enrollment goal of 32,000 by 2028. Enrollment grew by 824 students from Fall 2024 to Fall 2025, a 2.89% increase. Demand continues to increase for VCU, as the university saw applications exceeding 24,000 for the first time in 2024.
The James offers a robust set of amenities for residents, including the largest pool within a student housing asset in the market. In 2026, current ownership invested more than $500,000 renovating the clubhouse, implementing numerous upgrades. New ownership will benefit from the recent clubhouse upgrade, as the remodel wrapped up in January 2026 and is poised to propel leasing velocity.
With one-, two-, three- and four-bedroom flat- and townhome-style units, The James offers a variety of spacious unit types and price points for prospective residents. With an average unit size over 1,100 square feet, The James provides the most square footage per bedroom out of any purpose-built student housing property serving VCU. The property’s units also boast full bed-to-bath parity, providing a bathroom for each bedroom.
Located less than a mile from VCU’s Monroe Park, The James is a two-minute drive to campus. The property’s private shuttle running 7am to 10pm Monday through Friday. From 7am to 5pm the shuttle runs every fifteen minutes and from 5pm to 10pm the shuttle runs every thirty minutes. On-campus parking is limited and expensive, making The James’ quick shuttle ride appealing for students.
The James is an institutionally owned asset that is well-maintained. With construction costs at an all-time high and new generation projects being built for exorbitant prices, the asset is anticipated to transact below replacement cost. By acquiring below replacement cost, a new investor will have the ability to drive rents, but remain at an attractive basis and rent level compared to newly-built competitors.