PXV Multifamily JV Buys 200 Units in Virginia Beach
It's the recently established firm's second purchase.
PXV Multifamily and funds managed by Intercontinental Real Estate Corp. formed a joint venture to acquire Indigo 19, a 196-unit apartment community in Virginia Beach, Va. A sale price was not disclosed
The seller was Hamilton Zanze, which acquired the property in January 2020 from Spy Rock Real Estate Group for $41.5 million, according to Yardi Matrix data.
It was the Miami-based real estate investment firm’s second acquisition since its launch in November of last year. PXV first purchased Village on the Green, a 216-unit garden-style community in Atlanta for $29.5 million in early August through a joint venture with Pamera North America. Founder & Managing Partner Matt Ferrari, a former TruAmerica executive, established the firm with aims to acquire $2 billion in multifamily assets across the U.S. over the next three years.
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PXV noted the acquisition of Indigo 19 was leveraged with the firm assuming an existing Freddie Mac loan with a fixed interest rate below 4 percent, with 41 months remaining on the term.
Under the previous owner, the community became subject to an approximately $32.3 million, 10-year CMBS loan originated by Arbor Realty Trust from lender Wilmington Trust, according to Yardi Matrix. Payments were interest-only at a note rate of 3.81 percent for the first 48 months, followed by payments including principal and interest at a note rate of 3.81 percent over the remaining 72-month period, the same source showed.
Indigo 19 up close
Located on 3.4 acres at 1940 Pavilion Drive, Indigo 19 came online in 2013. The community was 99 percent leased at closing.
The four-story building features a mix of one-, two- and three-bedroom floorplans ranging in size from 654 to 1,531 square feet, with an average of 939 square feet. Rents range from $1,560 to $2,573, with an average of $1,886, according to Yardi Matrix information. Apartments have in-unit washers and dryers, as well as patios or balconies.
Amenities at Indigo 19 include a swimming pool, a two-story clubhouse, a fitness center, a business center and landscaped courtyards. The asset also has 2,500 square feet of ground-floor retail. There are 294 grade-level parking spaces with covered parking available for an additional fee.
Indigo 19 is adjacent to Interstate 264 and next to the Virginia Beach Convention Center. The community is less than 2 miles from the ocean boardwalk, the city center and shops and restaurants on Pacific Avenue.
Value-add plans outlined
With in-house construction and asset management platforms, PXV will provide a hands-on asset management approach to help enhance the resident experience, Ferrari said in prepared remarks. Additionally, Greystar will provide on-site property management.
PXV is planning value-add improvements including new exterior paint as well as upgrades to the clubhouse, corridors, pool and courtyard areas. The company will make lighter renovations to unit interiors as the apartments turn over, including adding new cabinet fronts, lighting, plumbing fixtures and flooring as needed.
A Colliers team of Vice Chairman and Principal Will Matthews, Senior Vice President Tommy Leachman, Associate William Dickinson and Mike Kidd, vice president of multifamily operations, marketed the asset on behalf of the seller. Ferrari and PXV Managing Director George Nausha represented the firm.
Strong, resilient rental market
Virginia Beach is Coastal Virginia’s strongest multifamily submarket and one of the nation’s most resilient submarkets over the past several years. Demand is driven by a highly diversified and growing employment base anchored by military and defense operations, healthcare, logistics, maritime commerce, tourism and higher education.
Fundamentals in the Hampton Roads region remained strong with multifamily occupancy ending the second quarter of 2026 at 97.4 percent, up 60 basis points year-over-year and up 80 basis points compared with the previous quarter, according to the Newmark Richmond & Hampton Roads Multifamily Overview for the quarter. Effective rental rates increased 5 percent year-over-year, ranking third for annual apartment growth among the top 50 U.S. markets, the report noted.
