Besyata Investment, Scharf Group Buy VA Community for $38M
The joint venture acquired a property which has not changed hands in more than 10 years. The new owners plan to capitalize on a renovation program implemented by the seller.
Besyata Investment Group and The Scharf Group have extended their footprint in Virginia Beach, Va., with the acquisition of Brookfield Apartment Homes. Bonaventure Realty Group sold the asset for $37.8 million. The joint venture tapped Drucker & Falk to handle day-to-day management and leasing operations at the 352-unit community.
Brookfield Apartment Homes is located at 1101 Craftsman Drive, in a residential neighborhood. The community comprises 72 one-bedroom, 153 two-bedroom and 27 three-bedroom units, ranging from 912 to 1,242 square feet. The 21 buildings, constructed in 1972, feature private balconies and patios in some of the units. The property is partially income-restricted, with 141 units designated as affordable housing. Common-area amenities include:
- controlled access
- tennis court
- two swimming pools
- laundry facilities
- 425 parking spaces
The community is within a short distance of multiple shopping centers, restaurants, entertainment and recreation spots. Both Interstate 64 and State Route 13 are less than two miles from Brookfield Apartment Homes, granting immediate access around the metro and downtown Norfolk, Va.
Partners in value-add acquisitions
According to Yardi Matrix, Bonaventure Realty Group acquired Brookfield Apartment Homes in 2006, for $13.5 million. The previous owner implemented a thorough exterior renovation program at the property. The new joint venture owner plans to capitalize on the upgrades. Gradual in-unit renovations are planned, along with improvements to the amenity package and surrounding landscape.
Besyata Investment Group and The Scharf Group are active in over a dozen markets across the U.S. and have completed multiple transactions together. Recently, the group acquired a 438-unit luxury community in Des Moines, Iowa, for $58 million. In March, the joint venture closed a $66 million deal in Denver, adding 418 units to the companies’ portfolio.
Image courtesy of Besyata Investment Group