Marcus & Millichap Arranges Sale of VA Community
- Oct 20, 2017
Marcus & Millichap facilitated the sale of Baywatch Pointe, a 160-unit community in the heart of Virginia Beach, Va. The property traded for $12 million or $75,000 per unit. The cap rate was 6.39 percent. Altay Uzun, a multifamily specialist, and Christian Beck, an office property investment specialist in Marcus & Millichap’s Hampton Roads office, represented the seller, a regional private investment group. Uzun procured the buyer, a private investment entity based in New York.
Located at 5414 Catina Arch, the property is less than four miles from the town center and can be accessed via Newtown Road, one of Virginia Beach’s major thoroughfares. The asset is close to public schools and provides access to major employers, shopping and dining. Baywatch Pointe features a mix of one-bedroom apartments and two-, three- and four-bedroom townhomes. Built in 1977 on nearly 12 acres, the 22-building property includes a swimming pool with sun deck, playground and fitness center.
“The sale of Baywatch Pointe achieves the seller’s financial goals and provides new ownership with significant upside potential that the buyer plans to unlock by rehabilitating units that are currently offline,” said Uzun, in a prepared statement.
This is the sixth multifamily transaction the team has concluded with an out-of-area buyer this year.
Image courtesy of Marcus & Millichap
If you’d like to be featured in Brokers’ Corner, send your deal to firstname.lastname@example.org.