Hampton Roads 266-Unit Asset Trades for $43M
- Nov 28, 2019
Lynd Acquisitions Group has purchased the 266-unit Mayflower Apartments in Virginia Beach, Va., for $43 million. The new owner received a $33 million acquisition loan from Hunt Real Estate Capital. Newmark Knight Frank arranged the financing on behalf of the buyer and represented the seller, Harbor Group International.
Located at 34th Street and Pacific Avenue, the 16-story asset is within a block of the Atlantic Ocean and next to vibrant retail and hospitality corridors. The building consists of studio, one- and two-bedroom apartments and a penthouse floor. In addition to its multifamily component, the asset includes on-site parking and 3,140 square feet of ground-floor commercial space, with 11,915 square feet of free-standing retail on an adjacent parcel with off-site parking.
The property was built in 1950, with previous owner Fairfield Residential renovating the asset in 2010. Lynd plans to spend more than $4.6 million to improve both common areas and units. The updated apartments will have stainless steel appliances, quartz countertops and hardwood floors. Amenities will be upgraded to include Amazon package lockers and a new fitness center.
Newmark Knight Frank’s team included Executive Managing Director Mike Marshall and Managing Director Henry Stimler, who handled the financing aspect. In July, Stimler placed a $225 million construction loan for a mixed-use project in Florida.