Waterman’s Crossing, a 260-unit community in Newport News, Va., was renovated with a capital investment of approximately $1 million. Owner Rockwell Management acquired the property in October 2016 for $31 million, through an LLC, RiverPass Holdings, according to Yardi Matrix and public records. The transaction was subject to a $25 million Fannie Mae loan, due 2026.
Property manager Drucker + Falk finished some exterior renovations, including a new clubhouse with stone siding. Other upgrades brought a larger fitness center with software that helps users exercise, a cyber café, a renovated swimming pool and extended outdoor area with more seating, a barbecue kitchen and grilling area. Drucker + Falk is working on interior upgrades as well, such as new granite countertops, new cabinets, stainless steel appliances, new lighting and flooring.
Attractive location, diverse unit mix
Waterman’s Crossing is located at 638 River Bend Court, within walking distance of Patrick Henry Mall and more than a dozen bars and restaurants along Jefferson Avenue. The community comprises 60 one-bedroom, 176 two-bedroom and 24 three-bedroom units, ranging in size from 699 to 1,306 square feet. Aside from the upgraded amenities, the common area also features a tennis court, a business center and 325 parking spaces. According to Yardi Matrix, average monthly rents are around $1,093.
Drucker + Falk was recently chosen to manage the 500-unit Summit Pointe, a luxury community in Hampton Roads, Va., which is located near Dollar Tree’s upcoming headquarters in the region.