JV Buys Virginia Property for $19M
- Nov 15, 2019
Realty Mogul, in a partnership with Ross Cos., has acquired The Hamptons Apartments, a 212-unit community in Virginia Beach, Va. Renaissance Housing traded the property for $19.1 million after 20 years of ownership, according to Yardi Matrix. The acquisition was funded with a $15.9 million loan provided by Argentic Debt Funds.
In October, Ross Cos. purchased a 98-unit community in Richmond, Va., for $7.2 million.
Situated at 5781 Lake Edward Drive, the property is located near major roads such as freeways 13 and 58 and Interstate 64, around 14 miles from downtown Virginia Beach and 9 miles from downtown Norfolk. The Hamptons Apartments is adjacent to Virginia Wesleyan University and is close to several restaurants and retailers, including Grand Mart and Costco Wholesale. Additionally, the property is positioned within an Opportunity Zone.
Built in 1973, the 19-building community occupies 14.2 acres and comprises a mix of one-, two- and three-bedroom units, averaging 1,069 square feet. The buyer plans to upgrade the units with vinyl plank flooring, new hardware and lighting fixtures, appliances and resurfaced countertops. Property amenities include a playground, swimming pool, laundry facilities and parking spaces.