Exclusive: Levco Management Sells Hampton Roads Community
The property last traded in 2020.
Image courtesy of Yardi Matrix
City Line Capital has acquired Brittany Place, a 148-unit multifamily community in Norfolk, Va. Levco Management sold the asset for $28 million, or $189,062 per unit, according to Yardi Matrix information.
Levco Management had previously purchased the property in June 2020 from AHC for $17 million, or $114,189 per unit.
Completed in 1985, Brittany Place comprises eight three-story buildings across a 5-acre site located at 6143 Edward St. All units have a two-bedroom layout measuring 950 square feet.
Shared amenities include a picnic patio with grilling stations, fitness center, playground, bark park, on-site management and maintenance staff, as well as a grade-level parking area with 225 spots.
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Brittany Place is just off the interchange between Interstate 64 and Norview Avenue and close to Virginia State Route 165. The community is also close to several eateries and retail options. Norfolk International Airport is 1mile east, while downtown Norfolk is within 6 miles southwest.
Norfolk sales activity gains momentum
As of March of this year, the multifamily transaction volume in Norfolk-Virginia Beach rose 20 percent year-over-year, mainly concentrated in smaller deals, below $10 million, according to a recent report by Institutional Property Advisors. Virginia Beach saw the strongest activity in investment sales, with transactions comprising properties with north of 100 units. Meanwhile, in Norfolk, multifamily assets featuring between 10 and 20 units registered the most attention from investors.
The Norfolk-Virginia Beach multifamily market stood among the top 10 largest metros with the lowest average price per unit, the report shows, as well as one of the most affordable coastal markets. With an average cap rate of 6.4 percent, the metro proves to be increasingly interesting for investors due to the military presence and port-driven economy, which maintain stable, long-term renter demand.
