Hampton, Va.—Tryko Partners has acquired the 580-unit Peninsula Grove at Town Center apartment community in Hampton, Va., from Intercontinental Real Estate Corp. The participants in the deal didn’t disclose the price.
Located at 2018 Cunningham Dr. and formerly known as Liberty Estates, Peninsula Grove includes one-, two- and three-bedroom apartments in 19 two-story buildings. The property is currently 90 percent occupied.
Amenities including a clubhouse with community rooms, an indoor spa, fitness center and business center; outdoor pool, playgrounds, tennis courts and gazebo; and extra storage and central laundry facilities. The property is in Hampton’s Coliseum Central district, and is in walking distance of the new 991,000-square-foot Peninsula Town Center.
New Jersey-based Tryko plans to launch an immediate $8.5 million capital improvement campaign at Peninsula Grove. The initial work includes utility improvements, window and sliding door replacements in all units, and general upgrades to the leasing center, clubhouse and grounds. Over the next few years, individual unit renovations will focus on kitchens, baths and fixtures.
CBRE brokered the Peninsula Grove sale, and the firm’s Capital Markets group assisted in securing the financing for Tryko Partners through Prudential Mortgage Capital Corp. According to Chad Buchanan, Tryko Partners’ chief investment officer, lenders were eager to do the deal, which attracted a wide range of groups, including balance sheet lenders, CMBS shops and agency groups.