Hampton Multifamily Property Changes Hands
- Sep 03, 2015
Berkadia has brokered the sale of another apartment community in the Hampton Roads area. Langley Square I & II, a Section 8 multifamily property, changed hands on August 24, for $14.6 million.
Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News office facilitated the sale. Langley Apartments LLC, a local company, purchased the asset from Bethesda-based Mercury II and III Associates.
“Working with a HAP contract property of this size is a rare opportunity and was a very attractive feature for the buyer,” Alan Meetze said in a statement. “Properties within the affordable housing market are highly sought after, and this was one of the larger project-based Section 8 deals in the Hampton Roads market.”
Langley Square I & II at 100-130 Doolittle Road was constructed in 1973. The community’s location, near Interstate Routes 258 and 64, offers residents convenient access to downtown Hampton and Hampton University. The property features 254 one-, two- and three-bedroom units, as well as a swimming pool, playground, and on-site parking. According to Berkadia, Langley Square I & II was 99 percent occupied at the time of the sale.
Photo credit: Berkadia