CBRE Arranges Sale, Financing of Affordable Virginia Asset

Governor’s Pointe in Chesapeake traded for $7.3 million. Jeff Kunitz and Peyton Cox acted on behalf of the seller, while Jim Flinn arranged a Fannie Mae loan for the buyer.
Governor's Pointe.
Governor’s Pointe. Image courtesy of CBRE

Gene B. Glick Co. has purchased Governor’s Pointe, an 88-unit affordable housing community in Chesapeake, Va., for $7.3 million. According to Yardi Matrix data, Perrel Management is the former owner of the property. CBRE Affordable Housing Executive Vice President Jeff Kunitz and CBRE Richmond Vice President Peyton Cox represented the seller. Jim Flinn, executive vice president with CBRE Affordable Housing, arranged a seven-year fixed-rate loan from Fannie Mae for the buyer.

Located at 412 Nicholas Court, the community is close to local schools, shopping and dining options as well as highways. Governor’s Pointe features 40 one- and 48 two-bedroom units, ranging in size between 661 and 858 square feet. Amenities at the three-building property include a playground, laundry facilities and 98 parking spaces.

All units are limited to households earning 60 percent of the area’s median income, under a low-income housing tax credit regulatory agreement. Residents with Section 8 vouchers occupy 32 percent of the units. The community has maintained an occupancy rate of more than 98 percent for the last three years.

Recently, Kunitz also arranged the sale of a five-asset portfolio of affordable multifamily properties totaling 484 units in Central California. The sale price was not disclosed.

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