Capstone Closes $9M Community Sale in Virginia
- Mar 12, 2020
Capstone Apartment Partners has brokered the $9.3 million sale of Woodlands at Oyster Point in Newport News, Va. United Property Associates sold the 152-unit asset to Allagash Opportunity Zone Partners following more than a decade of ownership, Yardi Matrix data shows.
Capstone Senior Advisor Ron Corrao worked on behalf of the seller and procured the buyer. Recently, in a similar transaction, Corrao represented the buyer in the $10.4 million sale of Woodland Park in Charlotte, N.C.
Located at 819 Forrest Drive, Woodlands at Oyster Point is within walking distance of both retail and dining options, near Newport News’s “New Downtown”—the City Center at Oyster Point. Completed in 1978 on a 7.2-acre site, the community comprises one- to three-bedroom apartments in six two-story buildings. Common-area amenities include a swimming pool, a playground and laundry facilities. At the time of sale, the property was 85 percent occupied.
The new owner is a long-term holder and plans to take advantage of the Opportunity Zone tax law changes. Allagash Opportunity Zone Partners intends to invest in interior and exterior upgrades.