HAMPTON ROADS, VA—Capstone Apartment Partners announces the $56,265,000 sale of a 397-unit apartment portfolio in the Hampton Roads region of eastern Virginia. The portfolio is comprised of three stabilized 1970’s vintage apartment assets—The Mayfair, Fox Hill, and Village at Western Branch—which are located in Virginia Beach, Hampton, and Portsmouth, respectively.
The Capstone transaction team was led by Eric Liebich, Ron Corrao, and Cole Carns, who ran a highly competitive marketing process resulting in multiple offers across the portfolio, new-to-market investor interest, and aggressive pricing and deal terms.
The seller was Cohen Investment Group (CIG), who is based locally in Norfolk, Virginia. CIG also recently sold River Breeze Apartments in Newport News to Cleghorn Capital in a transaction facilitated by the same Capstone brokerage team.
“We’re happy to announce the disposition of Cohen Investment Group’s Hampton Roads portfolio,” said President Hugh Cohen. “This sale represents the completion of a successful value-add program implemented to interior and exterior facets of each property. Doing so has enabled us to realize capital gains for reinvestment by our investment partners as we continue to grow our investment portfolio across the country.”
The buyer, New York-based Conserve Holdings, acquired the portfolio free & clear. They plan to execute on a value-add program in which they will modernize unit interiors and upgrade the community amenity packages to keep up with the growing Hampton Roads rental market.
“Conserve Holdings is thrilled to add these three high-quality assets to our growing Hampton Roads portfolio,” said Shmuel Walkin, managing partner at Conserve Holdings. “The Conserve team looks forward to creating additional efficiencies that benefit the residents at each property.”
“The acquisition of The Mayfair, Fox Hill, and Village at Western Branch represent Conserve Holdings’ largest multi-family acquisition in the submarket and brings immediate scale to their rapidly growing multi-family portfolio,” said Capstone senior advisor, Eric Liebich. “The Conserve team will be able to continue upon the value-add program successfully implemented by Cohen Investment Group to enhance the overall living experience for residents at each of the three properties.”
The Mayfair is located in Virginia Beach, Virginia and features 197 market rate and rent restricted (46 units) apartment homes. Built in 1972, the asset is situated on 12.84 acres near the junction of I-64 and I-264. Community amenities include a swimming pool, playground, picturesque landscaping, trash removal, and laundry facilities.
Fox Hill is located in Hampton, Virginia and features 96 garden-style apartment homes. Built in 1973, the asset is situated on 6 acres less than a mile from the Atlantic Coast. Community amenities include a playground, picnic/grilling areas, dog park, and laundry facilities.
Village at Western Branch is located in Portsmouth, Virginia and features 104 garden-style apartment homes. Built in 1972, the asset is situated on 5.99 acres between Western Freeway and US-17. Community amenities include green space, pet waste stations, laundry facilities, and on-site maintenance.