Newbrook Acquires 2-Property Virginia Portfolio for $58M

November 19, 2025

Finance & Investment Market Rate Mid-Atlantic News More Richmond-Hampton Roads

The Norfolk, Va.-area communities came online in the 1990s.

Newbrook Capital Properties has acquired Green Tree and Emerald Lake, a two-property portfolio of 1990s-built multifamily properties located in the Norfolk, Va. metropolitan area. Newbrook purchased the 340-unit asset pair for $58.2 million from previous owner MRKT Capital with below-market rate Fannie Mae financing with eight years of term remaining.

Cushman & Wakefield represented the seller in the sale of Green Tree, and Berkadia brokered the trade of Emerald Lake.

A strategic buy

Completed in 1990, Green Tree is a 16-building, 208-unit, garden-style property located at 749 Green Tree Circle in Chesapeake, Va. The property features one- and two-bedroom apartments ranging from 600 to 950 square feet in size. Units feature in-unit washer-dryers, private balconies or patios and high-speed Internet access.

Common-area amenities include fitness center, clubhouse, volleyball court, swimming pool and 16 laundry facilities.

Emerald Lake is an 11-building, three-story, 132-unit garden-style community completed in 1999. Located at 1500 Emerald Lake Circle in Elizabeth City, N.C., the community features three-bedroom apartments. Apartments feature in-unit washer-dryers, private balconies or patios and high-speed internet access. Among common-area amenities are a fitness center, clubhouse, pool and waterscape..

The portfolio stood at 98 percent occupancy at the time of closing. That performance has convinced Newbrook to leverage a value-add opportunity in renovating about 70 percent of the unit interiors, where original finishes are primarily still in place.

Newbrook has tabbed StoneCreek to provide property management services at the communities.

Strategic sectors

Though known for a resilient and diversified economic base resting on employment in defense, logistics, healthcare and government, the Norfolk Metropolitan Area has a limited housing supply.

“At the same time, the uncertain macroeconomic environment made Newbrook more cautious in pursuing this transaction. Although our team has extensive experience owning and operating multifamily properties in the Norfolk MSA from our prior firm and we have continued to track the market closely, this acquisition required a deeper level of diligence given the evolving macro environment,” James Broyer, Newbrook Capital Properties co-founder and president told Multi-Housing News. “Specifically, we invested significant time re-underwriting the local wage and employment outlook, with particular focus on the defense sector’s long-term stability and military contracts.” .

“[They] confirmed double-digit wage increases are being implemented and significant hiring is underway, driven by a multi-year contract backlog,” he added. “We view these data points as a positive tailwind for income growth, which we believe will translate to increase housing demand given the lack of supply in the market.”

Earlier this year, BMR Investments sold Sherwood Forest, an 173-unit apartment community in Norfolk, Va.