Virginia Community Trades for $43M

The Myrtles at Olde Towne. Image courtesy of Blackfin Real Estate Investors

Blackfin Real Estate Investors has acquired The Myrtles at Olde Towne, a 394-unit multifamily property in Portsmouth, Va., for $43.4 million. The asset includes two phases with a total of eight buildings adjacent to Naval Medical Center, the Navy’s oldest continuously running hospital.

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Located at 850 Crawford Parkway and 303 Effingham St., the 14-acre property was previously owned by Starwood Capital Group, which acquired it from Landmark Apartment Trust of America in January 2016, according to Yardi Matrix. Phase one of the asset was built in 1972 and minimally renovated in 2006, consisting of two buildings of eight stories with a total of 148 apartment units.

Built in 2006, the second phase is a garden-style community with 246 elevator-served apartment units. The units have 9-foot ceiling heights across half a dozen three-story buildings. Amenities of The Myrtles at Olde Towne include a clubhouse with fitness center, two pools, detached garages and 558 parking spaces.

The property is located less than 18 miles from Virginia Beach, in a historic city southeast of Richmond, Va. The region has a large military presence as well as various government agencies including NASA and the Departments of Energy, Transportation and Commerce.