VIRGINIA BEACH, VA—Capstone Apartments Partners has closed the $16.65 million sale of Weblin Place: a garden-style apartment community located in Virginia Beach, Virginia. Capstone’s Mid-Atlantic team of Ron Corrao, Eric Liebich, and Cole Carns, along with Rhodes Marley represented the seller. The seller was the family of the original owner and developer and had operated the asset since its construction in 1974.
The Capstone Team identified Hookset, NH-based Strictly Commercial as the buyer during their marketing of the property, who closed on the transaction after a highly competitive marketing process. Strictly Commercial is a privately held commercial real estate investment group focused on value-add multi-family properties throughout the Mid-Atlantic and Sunbelt states.
“The buyer’s purchase of Weblin Place Apartments is the latest example of the unyielding multi-family investor interest that we continue to see throughout the Hampton Roads MSA,” said director, Ron Corrao, the lead broker on the transaction. “1970’s, 1980’s, and 1990’s vintage assets are especially in demand as recent rent growth has accelerated the pace of value-add in the region,” added Corrao.
Situated on 8.55 acres near Virginia Wesleyan University, Weblin Place comprises 102 apartment units in 12 two-story buildings. Built in 1974, the asset’s unit mix includes one-, two-, and three-bedroom apartment homes with fully equipped kitchens, walk-in closets, ceiling fans, individual storage closets, and full-size washer/dryer included. Community amenities include a swimming pool, playground, and clubhouse. Weblin Place was 98% occupied at the time of closing.