S.L. Nusbaum Buys Virginia Beach Multifamily Asset for $24.7M
- Dec 18, 2014
In a $24.7 million transaction, S.L. Nusbaum Realty Co. has acquired Bancroft Hall Apartments in Virginia Beach from Harbor Group International L.L.C.
Located at 1031 Essex Court, the complex was built between 1968 and 1972. Bancroft Hall offers 244 one-, two-, and three-bedroom apartments, as well as townhomes. Community amenities include a dog park, swimming pool, newly remodeled fitness center, playground and a media room with WiFi.
CBRE|Hampton Roads represented the seller in the transaction. The team included Dan Johnson, a senior vice president, and Hank Hankins, a first vice president. “This is a classic value-add scenario,” Johnson said in a statement. “Bancroft Hall is an older property in an A+ location where the property stands to be improved dramatically by the interior renovations that S.L. Nusbaum is planning.” According to CBRE, the S.L. Nusbaum plans to renovate the property.
Bancroft Hall is the second large Virginia Beach apartment complex to change hands in the past month. Chandler Management Co. of Newport News sold the Woodshire Apartment Homes to the Bainbridge Cos., for $33.65 million. ARA Real Estate Investment Services arranged the deal on behalf of the seller.
Woodshire Apartment Homes was constructed in 1975, close to the Virginia Beach Town Center. It is a Class B apartment complex, with 288 units. At the time of the sale, the property was 95 percent occupied. It too will undergo renovation.
Photo courtesy of CBRE.