VIRGINIA BEACH, VA—Capstone Apartment Partners announces the $36 million sale of Royal Pointe Apartments: a 208-unit, garden and townhome-style apartment asset in Virginia Beach.
The Capstone transaction team was led by Ron Corrao, Eric Liebich, and Matt Weinstein. They facilitated the transaction on behalf of the long-term owner, Clark-Whitehall Enterprises, who exceptionally maintained the asset over the last 18 years.
The buyer is Featherstone Partners, who is based in Virginia Beach. They plan to build upon the prior owner’s excellent stewardship of the property and will implement upgrades designed to improve the tenant experience, including interior and amenity improvements. Featherstone Partners continues their impressive growth with another acquisition in the Hampton Roads market.
“Despite turbulent market conditions, this transaction successfully closed due to the dedicated hard work of the buyer, seller, and brokerage team. Featherstone Partners inherits a well-cared for asset with a tremendous amount of upside,” said Corrao.
Built in 1987, Royal Pointe is comprised of one- and two-bedroom units ranging from 680–1,130 square feet. Each apartment home features a fully equipped kitchen, washer/dryer connections, and a patio or balcony. Select units also boast granite-style countertops, ceiling fans, wood-burning fireplaces, and walk-in closets.
Community amenities at Royal Pointe include a swimming pool, fitness center, modern clubhouse, laundry facilities, walking trails, car wash station, and well-manicured courtyards with a pond and community garden. The asset was 98.1% occupied at the time of closing.