Cleghorn Capital Buys $24M Newport News Community

The property last changed ownership in 2019.

River Breeze Apartments. Image courtesy of Capstone Apartment Partners

In a $24.3 million deal, Cleghorn Capital has bought River Breeze Apartments, a 200-unit community in Newport News, Va., from Cohen Investment Group. Capstone Apartment Partners represented the seller in the transaction.

Cohen Investment Group had previously acquired the asset in 2019 for $11.8 million, Yardi Matrix data shows.

Completed in 1973, the garden-style community covers 10.2 acres and comprises 18 low-story buildings with one-, two- and three-bedroom floorplans, varying from 805 to 1,013 square feet. Community amenities include a playground, a swimming pool, two laundry facilities and 200 parking spaces.

Located at 168 Heritage Way, the transit-oriented community is within 2 miles of Newport News/Williamsburg International Airport and within a mile of Interstate 64, connecting it to populous Virginia cities such as Richmond, Norfolk and Chesapeake. Several retail options, including the Patrick Henry Mall, Target and Whole Foods Market, are less than 3 miles away from the property.

Senior Advisor Eric Liebich, Director & Virginia Production Lead Ron Corrao, alongside Cole Carnes of Capstone’s Mid-Atlantic team represented Cohen Investment Group in the transaction.

In a prepared statement, Liebich said that Cleghorn’s purchase of River Breeze Apartments reflects the steady interest multifamily investors have in the Hampton Roads market, due to its stable employment and high-occupancy levels.

There are currently three properties underway, as well as three planned developments in Newport News, that will add roughly 750 new units to the existing stock, Yardi Matrix data shows. Marshall-Ridley Choice Neighborhood is among the area’s recent projects, encompassing 520 units, most of them serving low- and middle-income residents.

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