Hunt Military Acquires Virginia Community
The military housing property comprises more than 3,600 beds.
Hunt Military Communities has acquired full ownership of Homeport Hampton Roads, a 1,846-unit, 3,682-bed military housing asset in Norfolk, Va., a Hampton Roads submarket. The property is a privatized housing development supporting unaccompanied Navy personnel.
The community is a $336 million project. Rising six stories, the property is at 1274 Cowan St., some 10 miles from downtown Norfolk and the Port of Virginia. Downtown Chesapeake, Va., is within 21 miles south.
The military housing residence consists of a mix of units, recreational amenities and a 31,000-square-foot community center. The property also has multiple fitness centers, swimming pools and community spaces.
The company is the largest U.S. military housing owner, with almost 60,000 homes across the country, destined for Navy, Air Force, Marine Corps, Army and Space Force. These units serve about 190,000 residents.
In October last year, Hunt Military Communities completed the purchase of Atlantic Marine Corps Communities from Lendlease. The acquisition consisted of about 7,900 units, serving approximately 24,000 residents across eight major military installations.
Another significant deal from last year is The Michaels Organization’s commitment to invest $500 million in its military housing portfolio until 2029. The project is financed through reinvestment of funds and a $305 million bond issuance.
