Virginia Beach M-F Asset Changes Hands

The Hampton Roads area has registered another multifamily sale. A large apartment complex in Virginia Beach has changed hands recently for an undisclosed price.

CBRE|Hampton Roads announced the sale of the Tivoli Apartments in Virginia Beach at the end of May. Artcraft Tivoli L.C. sold the property to Maryland-based Atlantic Multi Family.

According to PropertyShark, the former owner purchased the Tivoli Apartments in 2002 for about $1.5 million. The real estate website reports that the property’s current market value is $6.2 million.

Tivoli Apartments was constructed in 1972. The apartment complex is located within two miles of Lynnhaven Mall, and very close to the Oceana Naval Air Station and the Virginia Beach Town Center. It offers 140 one- and two-bedroom apartments and amenities that include a swimming pool and clubhouse.

Dan Johnson, Senior Vice President and Hank Hankins, First Vice President, for CBRE|Hampton Roads brokered the deal and represented the seller in the transaction.

According to a report from Old Dominion University, the Hampton Roads apartment market has remained stable over the past five years. Its current occupancy rate is 93 percent, with average rents at $976 per month.

Photo credit: CBRE