New Offering: 197-Unit Value-Add Community in Desirable Virginia Beach, VA

Download Offering Materials: Mayfair Apartments

Capstone Apartment Partners is pleased to present Mayfair Apartments: a 1972-vintage, 197-unit, market rate and rent restricted (46 units) apartment community located in Virginia Beach, Virginia. The property features an attractive mix of one-, two-, three-, and four-bedroom floorplans along with minimal deferred maintenance. Current ownership has renovated eight units at the property with a moderate renovation package to prove premiums up to $175. Although significant premiums have been achieved, the Virginia Beach submarket strongly supports a luxury value-add program to achieve premiums up to $325, depending on the floorplan. Mayfair Apartments is located in the heart of the Virginia Beach submarket, with proximity to multiple economic demand drivers, new development, and premium retail. With a robust value-add opportunity and excellent location within a booming submarket, Mayfair Apartments represents an excellent opportunity for investors.

Investment Highlights:
Significant Value-Add Opportunity
Strong Multi-Family Demographics in the Virginia Beach Submarket
Mix of Market Rate and Affordable Units
Situated Amongst Major Employers and New Development
Proximate to Class A Retail and the Hampton Roads Light Rail