10C — December 24, 2021 - January 20, 2022 — Industry Experts — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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Industry Experts
Cushman &Wakefield | Thalhimer completes sale of multifamily portfolio in Lynchburg, VA Simpson, Conradi and Azarbarz in rep. seller in Barrington Woods multifamily property sale
AMPTON AND L Y N C H B U R G , VA — Cushman & Wakefield | Thalhimer’s Capital Markets Group , in conjunction with Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group, represented the seller, Out- lier Realty , in the market- ing and sale of Barrington Woods, a 136-unit multifam- ily property located at 607 Michigan Dr. in Hampton. LA-based investor, DBC Barrington , purchased the asset from Outlier Realty for $9.25 million as an invest- H
Barrington Woods
Lynchburg portfolio
ment. “Barrington Woods is a significant value-add op- portunity in the attractive submarket of Hampton, a
standout performer within Hampton Roads. Outlier Re- alty made significant capital improvements to the Prop-
erty during their tenure of ownership, including new plumbing, several interior unit renovations, and select
new HVAC installations, which new ownership plans to continue to implement and improve upon while capital- izing upon a historically low- interest rate environment and continued market rent and employment growth,“ comments Clark Simpson , first vice president, Cushman & Wakefield | Thalhimer Capital Markets Group. Clark Simpson and Erik Conradi of Cushman & Wakefield | Thalhimer’s Capital Markets Group in Hampton Roads, Virginia, and Ari Azarbarzin of Cush- man &Wakefield’s Baltimore office represented the seller in the sale transaction. In Lynchburg, Cushman & Wakefield | Thalhimer’s Capital Markets Group, in conjunction with Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group, represented the seller, LP Apartments, LLC , in the marketing and sale of a four- property multifamily portfo- lio consisting of 55 apartment units. The portfolio was sold to a local investment group, AC Capital LLC , who intends to pursue a value-add strategy to upgrade the properties, which are all located in the City of Lynchburg at 200 Cleveland Avenue (Windsor Apartments), 3710 Fort Av- enue (Holland House Apart- ments), 681 Leesville Road (Ivy Court Apartments),1609 McVeigh Road (Ivy Ridge Apartments). The sale was finalized on October 19, 2021 for $4,100,000. Clay Taylor, CCIM of Cushman & Wakefield | Thalhimer’s Capital Mar- kets Group out of Roanoke, Virginia, and the Cushman & Wakefield’s Mid-Atlantic Advisory team of Jorge Rosa and Anthony “TJ” Liberto , represented the seller in the sale transaction. MAREJ
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