Greysteel to Sell VA Affordable Housing Portfolio

The company was tapped to market Lexington Commons in Newport News, Va., and Parkwood Manor in Norfolk, Va., totaling 232 units.

Lexington Commons
Lexington Commons

Greysteel has been retained as the exclusive advisor and agent for the sale of Lexington Commons and Parkwood Manor, two affordable housing communities located in southern Virginia.

Greysteel’s President & CEO Ari Firoozabadi, Director Rawles Wilcox, Senior Investment Associate Alicia Orkisz and Investment Associate Henry Mathies are marketing the property on behalf of the owner. 

Lexington Commons

Located at 14534 Old Courthouse Way in Newport News, Va., the 132-unit Lexington Commons features one- and two-bedroom floorplans ranging from 655 to 800 square feet, across three, three-story buildings. Originally constructed in 1996, the community is age-restricted to those 55 years or older and features amenities such as a fitness center, clubhouse, three 24-hour laundry facilities, theater, views of a man-made lake, game room, lending library, planned social activities and 130 parking spaces. 

Located in the Denbigh neighborhood, Lexington Commons is within a mile of shopping and dining at three of the area’s largest retail centers, Newport Crossings, Denbigh Village and Jefferson Commons, as well as a number of libraries, senior centers and health care. 

Parkwood Manor

Situated at 7703 Major Ave., in Norfolk, Va., the 100-unit Parkwood Manor also features one- and two-bedroom floorplans ranging from 615 to 769 square feet, across seven, two-story buildings. Built in 1949, the property offers a playground, laundry facility and 120 parking spaces. Last renovated in 1996, interior features include large separate dining rooms, central air and heat, insulated windows, natural gas stoves and plank flooring and cabinets. 

Parkwood Manor
Parkwood Manor

Located in Virginia’s second-largest metropolitan area, Parkwood Manor is surrounded by 12 major military bases and a number of large employers, including Old Dominion University and Sentara Healthcare, as well as nearby shopping centers that feature Kroger, Sam’s Club and a Walmart Supercenter.

“Lexington Commons offers investors the opportunity to acquire an exceptionally well-maintained asset with no upfront capital needs,” said Orkisz. “While Parkwood Manor, currently under the Low Income Housing Tax Credit Extended Use Agreement, will expire in 2026, allowing new ownership eligibility to operate without income and rent restrictions at that time.”

Images courtesy of Greysteel