VIRGINIA BEACH, VA—Capstone Apartments Partners has brokered the $8.9 million sale of South Beach Villas: a 62-unit garden-style apartment community located in Virginia Beach, Virginia. Capstone’s Mid-Atlantic team of Ron Corrao, Eric Liebich, and Cole Carns represented the seller, Dominion Property Management, who owned the asset for over 25 years and managed it with the eye of a generational owner.
The buyer is Twenty-Five Eight Capital, a privately held real-estate investment group focused on opportunities that create passive income for their investment partners. The acquisition of South beach Villas represents the first multi-family asset in Twenty-Five Eight Capital’s Hampton Roads portfolio, which consists primarily of single-family home investment properties. Twenty-Five Eight Capital plans to execute an interior value-add program at South Beach Villas in an effort to meet the increasing demand for quality rental housing in the Hampton Roads MSA for current and future residents.
Capstone’s Ron Corrao said, “This was Twenty-Five Eight Capital’s first multi-family acquisition and represents a sizable investment in the market.”
“South Beach Villas offers an irreplaceable location adjacent to the Virginia Beach Convention Center and is only a few blocks from the oceanfront. With the opportunity to improve the tenant experience by investing in interior and exterior upgrades, Twenty-Five Eight Capital will be able to plant their flag in the market,” Corrao added.
Situated at 710-727 20th St in the popular ViBe Creative District of Virginia Beach, South Beach Villas is comprised of one- and two-bedroom apartment units. The asset was built in 1968 and includes surface parking and laundry facilities for residents. Each apartment home features wood-style flooring, a fully equipped kitchen, granite countertops, and air conditioning. South Beach Villas was 91% occupied at the time of closing.