Capstone Apartment Partners Closes $9,260,000 Sale of Apartment Community near Newport New’s “New Downtown”

NEWPORT NEWS, VA— Capstone Apartment Partners facilitated the $9,260,000 sale of the Woodlands at Oyster Point: a 152-unit apartment community ideally located near Newport News’s thriving “New Downtown,” the City Center at Oyster Point.

Capstone’s Ron Corrao sold the property on behalf of United Property Associates and procured the buyer, Allagash Opportunity Zone Partners.

“The Woodlands at Oyster Point represents a tremendous opportunity to refresh and restore an extremely well-located community with a large-scale capital infusion in Newport News’s best submarket. The community’s residents should expect thoughtful and careful implementation of upgrades by Allagash Opportunity Zone Partners in the coming years,” said Corrao.

Allagash Opportunity Zone Partners is a long-term holder and one of the first groups in the market who will be able to take advantage of the new Opportunity Zone tax law changes designed to direct investment into underserved communities. They plan to invest a substantial amount of capital in unit upgrades and exterior improvements.

Built in 1978, the Woodlands at Oyster Point consists of one-, two-, and three-bedroom apartment homes and was approximately 85% occupied at the time of closing. The community’s amenities include a swimming pool, playground, and laundry facilities. Each pet friendly apartment home features a fully equipped kitchen and select units have upgraded kitchens and bathrooms.