M id A tlantic Real Estate Journal — Owners, Developers & Managers — Industry Experts — December 24, 2021 - January 20, 2022 — 7C Industry Experts
www.marej.com
Tech Center Square in Newport News and Pines of York in Yorktown sell in Virginia Colliers announces sale of two multifamily communities
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EWPORT NEWS, VA — Colliers announced the sale of two multi-
family properties on behalf of Resource REIT in Hampton Roads. Tech Center Square, 128 Jefferson Point Ln. in Newport News, was sold from Resource REIT to WaldeManagement . The multifamily community includes 208 residential units. Situated near a Whole Foods anchored shopping center in the most highly trafficked corri - dor of the Peninsula, Tech Cen- ter Square offers tremendous long-term revenue potential. The property offers a generous mix of amenities including a fitness center, pool and enter - tainment area, dog park, sports court and clubhouse. Walde Management is planning a comprehensive renovation pro- gram for both unit interiors and common areas. Pines of York, 3100 Hampton Highway in Yorktown, sold from Resource REIT to River- pass Holdings. The community includes 248 residential units in a strategic location with top-rated schools and employ- ment opportunities. Originally constructed in 1974, Pines of York offers large floorplans with tremendous value-add potential. The comprehensive mix of community amenities including a clubhouse, fitness center, pool with sundeck, tennis courts, business center and playgrounds in a mature tree-lined setting make Pines of York a top choice among renters. G.S. (Hank) Hankins, ex- ecutive vice president; Victo- ria Pickett , first vice presi - dent; Charles Wentworth, executive vice president; and Garrison Gore, assistant vice president, with Colliers Virginia Multifamily team, represented the seller. Colliers announced the sale of Parkway 3 and 4 at 2697 International Parkway in the Lynnhaven submarket of Vir- ginia Beach. The property was sold by CCP Commercial Real Estate to Medalist Di- versified REIT for $7.3 million. The two multi-tenant flex buildings, built in 1984 on a 4.39-acre site, comprise a total of 64,109 s/f and were 100% leased at the time of the sale. Pat Mugler, Ricky An- derson, and Michael Et- tel with Colliers Virginia represented the seller in the transaction. MAREJ
128 Jefferson Point Lane in Newport News
3100 Hampton Highway in Yorktown
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