Templeton Sells NC, VA Portfolio for $61M
MRKT Capital bought the 472 units located in three communities.
MRKT Capital has completed the $61 million acquisition of a three-community portfolio totaling 472 units in Chesapeake, Va., and Elizabeth City, N.C., from Templeton Properties. Marcus & Millichap’s Uzun Group facilitated the transaction and procured the buyer.
The portfolio includes the 208-unit Green Tree Apartments, comprising 16 buildings with one- and two-bedroom floorplans averaging 819 square feet. Amenities include a pool, a fitness center and a volleyball court, among others. Located at 749 Green Tree Circle, the property is within 2 miles of Chesapeake City Park and less than a mile from the Chesapeake Regional Medical Center.
The second Virginia asset is Oak Grove Apartments, a six-building community featuring 132 units ranging from 526 to 825 square feet. Completed in 1985, Oak Grove is located at
408 Trotman Way, 1 mile away from the Greenbrier Christian Academy and the Chesapeake Arboretum.
MRKT also acquired Emerald Lake Apartments, a 132-unit community that offers two- and three-bedroom apartments, as well as a pool and clubhouse, in Elizabeth City, N.C. Located at 1500 Emerald Lake Circle, the asset is within a mile of Sentara Albemarle Medical Center and College of the Albemarle. Emerald Lake is located some 40 miles south of Chesapeake.
Benefitting from overall historic rent growth and the migration trends boosting the South and Southwest, MRKT Capital focuses on finding valuable assets in rare markets, mentioned Altay Uzun, first vice president of investment sales with Marcus & Millichap.