NEWPORT NEWS, VA—Capstone Apartment Partners has closed the $24,250,000 sale of the River Breeze Apartments in Newport News, Virginia. Capstone’s Mid-Atlantic team of Eric Liebich, Ron Corrao, and Cole Carnes represented the seller, Cohen Investment Group, a privately held real estate investment firm based in Norfolk, Virginia, in the transaction.
“We’re happy to announce the disposition of another successful multi-family investment,” said president, Hugh Cohen. “The sale of River Breeze allows us the ability to realize capital gains for reinvestment by our investment partners as we continue to grow our portfolio in markets across the Southeast.”
Situated between Warwick Blvd and I-64, the 200-unit garden-style apartment community is located within minutes of the Newport News/Williamsburg International Airport, as well as multiple class-A retail services and amenities. During their ownership, the Seller’s implemented an interior and exterior renovation program on a select number of units, well-positioning the buyer, Washington D.C.-based, Cleghorn Capital, to see the remaining renovations across the community through to completion.
“We’re thrilled to add a high-quality asset like River Breeze into our growing Hampton Roads portfolio,” said J. Francis Smyth, managing partner at Cleghorn Capital.
The Capstone Team identified Cleghorn Capital, who has been actively seeking properties of similar size and vintage, as the buyer during their marketing of the property. Cleghorn Capital is focused on value-add multi-family investment opportunities throughout the Mid-Atlantic and Southeast. Their acquisition of River Breeze comes months following Cleghorn’s recent purchase of the Winston Manor Apartments, a 145-unit townhome-style apartment community located in Richmond, Virginia.
“Cleghorn’s purchase of the River Breeze Apartments exemplifies the level of multi-family investor interest that we continue to see throughout the Hampton Roads MSA,” said senior advisor Eric Liebich, the lead broker on the transaction. “Demand for multi-family assets in areas with stable employment and high-occupancy levels remains a consistent theme that we’ve continued to see throughout the first quarter of the year,” added Liebich.
Originally built in 1973, the River Breeze Apartments is comprised primarily of one-bedroom apartment homes and includes a mix of varying two- and three-bedroom floor plans that make up just over fifty percent of the property’s unit mix. The asset was 95% pre-leased at the time of closing.
