Ritz Banc Pays $25M for Suburban Hampton Roads Asset

Hickory Point. Image courtesy of Yardi Matrix

Ritz Banc Group has acquired Hickory Point, a 175-unit multifamily community in Newport News, Va., for $25 million. Cushman & Wakefield brokered the deal on behalf of the seller, AION Partners.

Hickory Point last traded in 2020, when AION purchased the property for $16 million, according to Yardi Matrix data.

Completed in 1976, the townhouse-style community consists of 172 two-bedroom apartments and three three-bedroom residences averaging 1,003 square feet, across 20 two-story buildings. Apartment interiors feature hardwood flooring and in-unit washers and dryers. Common-area amenities include a swimming pool, as well as 202 parking spaces.

Located at 399 Hickory Point Blvd, the 9.2-acre property is off Highway 60 and close to Interstate 64, within 14 miles from downtown Newport News and 16 miles from Williamsburg. Hickory Point is also roughly 5 miles from the Newport News/ Williamsburg International Airport. Several retail and dining options are within walking distance of the community.

Executive Managing Director Jorge Rosa and Senior Managing Director Anthony Liberto led the Cushman & Wakefield team that facilitated the transaction. Rosa stated in prepared remarks that the asset’s proximity to employment and transportation makes it a rare value-add opportunity, adding that the property is located in one of the most desirable submarkets within the Hamptons Road region. The same duo was recently involved in the $102 million sale of a community in Virginia Beach, Va.