FPA Multifamily Pays $102M for Virginia Community
Cushman & Wakefield and NAI Global brokered the deal on behalf of the seller.
FPA Multifamily has acquired Marina Shores Apartment Homes, a 392-unit multifamily community in Virginia Beach, Va. Cushman & Wakefield, in partnership with NAI Global, brokered the $101.9 million transaction on behalf of the seller, identified by Yardi Matrix as C-III Capital Partners.
The same data provider reveals that the property is subject to a $36 million CMBS loan, originated by Lument. The interest-only note is due to mature in 2028.
Virginia Beach is among the rapidly expanding and most coveted submarkets within the Hamptons Roads area, according to Cushman & Wakefield. This is attributed to considerable government-related investments in the region, leading to a sustained period of economic, population and employment growth.
An expandable property
Completed in 1991, the 378,905-square-foot property features a mix of one-, two- and three-bedroom units averaging 967 square feet. Common-area amenities include a pool, fitness center and clubhouse, as well as two dog parks, an outdoor grilling and lounge area, a tennis court and covered parking.
Despite an overall turbulent capital markets environment, Marina Shores witnessed an increase in rental rates through renovations. Furthermore, the site has the potential to increase its capacity by approximately 49 units.
Located at 2257 Willow Oak Circle, the community is close to the Virginia Beach oceanfront and offers connectivity to interstates 64 and 264. Cape Story Park and a variety of shopping and dining destinations are also nearby.
Cushman & Wakefield Executive Managing Director Jorge Rosa and Managing Director T.J. Liberto collaborated with NAI Global in facilitating the transaction for the seller.