Value-Add Portfolio Trades in Norfolk, VA

The five-community portfolio offers 124 units and easy access to the beach. The buildings are located near several planned projects in the Ocean View area.

By Tudor Scolca

Rawles Wilcox, director at Greysteel

Rawles Wilcox, director at Greysteel

East Beach Ocean View, a portfolio of five apartment communities located in Norfolk, Va., traded hands in a deal arranged by Greysteel. The seller was represented by Director Rawles Wilcox and Investment Associates Brenden Hill and Jared Emery. Senior Director Brendan Scanlon arranged financing for the buyer, Brick Lane Real Estate.

The five assets, ranging in size from 10 units to 56 units, offer 124 apartments and are located in Norfolk’s Ocean View area. Built between 1967 and 1972, the structures total 56,796 square feet of rentable space.

The communities are located on West Little Creek Road, Pleasant Avenue, 19th Bay Street, 20th Bay Street and 21st Bay Street. Residents can easily access the nearby Ocean View beaches. Diamond Springs Road offers multiple shopping and dining options and is situated 15 minutes away. Norfolk International Airport and the the Norfolk Botanical Garden are also close to the properties.

Growing neighborhood

The City of Norfolk declared Ocean View as a priority target area, attracting new developments and master-planned communities such as Ocean View’s East Beach, which will bring retail and infrastructure improvements to the region.

The East Beach Ocean View portfolio offered a compelling value-add opportunity. With Class A inventory set to increase by over 200 percent in the Ocean View submarket by 2020, combined with the portfolio’s close proximity to the East Beach neighborhood development, the buyer has an opportunity to realize substantial rent premiums in the near future by commencing modest interior and exterior renovations,” Wilcox said in a prepared statement.

Recently, Greysteel was retained as exclusive advisor and agent for apartment communities in Norfolk and Newport News, Va.

Image courtesy of Greysteel

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