NEWPORT NEWS, VA—Capstone Apartment Partners facilitated the $17,015,445 sale of Hickory Point: a well-maintained townhome-style community located in Newport News, Virginia. The 175-unit asset is situated on 9.22 acres between Warwick Blvd and the Warwick River.
Capstone’s Ron Corrao, Eric Liebich, Todd Weinstein, and Rhodes Marley sold the property on behalf of The Wilton Companies, setting a record price for 1970’s vintage product in the Newport News market for per unit pricing. The Wilton Companies acquired the property in 2015 and performed light upgrades to improve unit interiors.
The buyer is New York-based AION Partners, who plans to continue to build upon the previous owner’s upgrades and will push forward with additional improvements.
“AION Partners’ addition of Hickory Point Townhomes adds to their growing presence in the Hampton Roads market as they continue their expansion beyond the Northeast. This asset in particular adds to the quality and diversity of product types they offer to prospective tenants looking for safe, quality places to live,” said Corrao.
“The planned improvements by AION Partners, combined with Hickory Point offering some of the largest units in the immediate submarket, bodes well for continued demand at the property and future residents looking for ideal rental options within the Hampton Roads MSA,” added Liebich.
Built in 1976, Hickory Point is comprised of 175 two-bedroom townhomes and was approximately 94% occupied at the time of closing. Each unit features a fully equipped kitchen, ceiling fans, walk-in closets, patios, and washer/dryer connections. Select units also feature a den space on the first floor.