West End Capital Buys Hampton Roads Community
The new owner has renamed the 104-unit fully affordable multifamily asset and plans to invest in capital improvements.
United Property Associates has sold the Tarrytown Apartments, a 104-unit fully affordable community in Newport News, Va., to West End Capital Group for $3.9 million, according to Yardi Matrix. The buyer rebranded the property as Jefferson Flats. The asset last changed hands in late 2004 for $3.6 million.
Located at 11112 Tarrytown Court, the community is alongside U.S. Highway 17, less than 6 miles north of downtown Newport News. Several retailers operate in the immediate area, including Family Dollar, CVS and a few restaurants. A local bus route links the property to the wider metro area.
The seven-building community opened its doors in 1971, and its unit mix comprises two- and three-bedroom apartments ranging from 850 to 875 square feet. The property’s amenity mix includes a dog park, grilling stations and four laundry facilities. The new owner plans to renovate each unit and add new appliances, flooring, washers and dryers.
Another affordable asset changed hands earlier this year, located in Chesapeake, Va., some 30 miles south of Jefferson Flats. Perrel Management sold the 88-unit property for more than $7 million.