O wners , D evelopers & M anagers
M id A tlantic Real Estate Journal — Section C
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Thalhimer Realty Ptrs. and the Northmarq debt/equity team of Wells, Abboud & Wood rep. buyers Ewing, Marshall and Straughan of Northmarq arranges $43M sale of Bayville Apartments
HI-LIGHTS Sept. 23 - Oct. 20, 2022 aging directors, and Matt Straughan , associate of North- marq’s Richmond investment sales team, collaborated to secure the $43 million sale of Bayville Apartments. The 240-unit class B multifamily property (built in 1971) is lo- cated at 1512 Kindly Lane in Virginia Beach, Virginia. The Northmarq investment sales team represented the seller, Thalhimer Realty Partners , and the Northmarq debt/equity team of Keith Wells, Reina R ICHMOND, VA — Wink Ewing and Mike Marshall , man-
ity to Northampton Boulevard and I-264, giving easy access to all parts of Virginia Beach. Three institutions of higher learning are within 9.5 miles of the property. Residents benefit from both an urban lifestyle, with two shopping centers with in 1.9 miles, as well as suburban living, with five parks within 10 miles, in - cluding Tidewater Arboretum (2.3 miles). The property consists of one-, two—and three-bedroom op- tions with numerous custom layouts available. Community amenities include: Business center, bark park, on-site main - tenance, on site management, package receiving, pet-friendly policy, playground, pool, and short-term lease available. Apartment amenities include; air conditioner, balcony, dish washer, disposal, large clos- ets, patio, range, refrigerator, spacious floor plans, washer/ dryer hookups and window coverings. MAREJ
to experience unprecedented population and rent growth which has been a catalyst for strong demand for multifamily housing,” said Ewing. “Bayville Apartments offered an excel- lent opportunity for Linden & Bayville Apartments
Matador to acquire a proven value-add property that with continued upgrades could fur- ther increase asking rents and maximize value for the asset.” Commuters at the property benefit from its close proxim -
Abboud and Hunter Wood team represented the buyers, Linden Property Group and Matador Capital Manage- ment , in the acquisition financ - ing structured via a bridge loan. “Virginia Beach continues
SPOTLIGHT
Marcus & Millichap announces $24 Milllion sale of Winchester Virginia Apartments
ROOFING/ WATERPROOFING
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Bergman RE Group announces sustainability initiatives across all properties
WINCHESTER, VA — Mar- cus & Millichap announced the sale of Pine Plaza and Wright Apartments, a 195-unit apartment portfolio located in the Winchester submarket of Virginia. The assets sold for a combined total of $24 million, or $123,077 per unit at a blend- ed cap rate of 4.23% based on trailing-12-month financials. “It was a pleasure to work with both seller and buyer in completing this transaction as they are both long-term clients. The demand for value- add multifamily assets in the Winchester submarket and greater I-81 corridor remain strong, with solid fundamen- tals creating the foundation for this transaction,” said Marty Zupancic , senior vice presi- dent investments in the firm’s Washington, DC office. Marcus & Millichap’s Zupan- cic, Dennis Cravedi, Nick Murray , and Eric Jentoft- Herr , represented the seller,
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Pine Plaza
Wright Apartments
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Pine Plaza was built in 1955 and renovated in 1990. The property is located at 2237 Taft Circle, Winchester and features 136 units. The asset sold for $17.28 million or $127,059 per unit. Wright Apartments was built in 1971 and is located at 1002-1058 Woodstock Lane, Winchester. MAREJ
the firm’s second acquisition in Winchester and demonstrates our continued conviction in the value-add multifamily sector and I-81 market in western Virginia. We look forward to integrating these assets with our greater portfolio and pro- viding strong returns to our investors.”
Outlier Realty Capital, and procured buyer, Ritz Banc Group . “Ritz Banc Group is excited to add Pine Plaza and Wright Apartments to our growing multifamily portfolio,” said Ethan Markman , acquisi- tion associate for Ritz Banc Group. “This deal represents
ALSO INSIDE
Kevin Hopkins, AIA, NCARB, CxA, LEED AP (DB+C), ECS Mid-Atlantic .................. 7C People on the Move....10C www.marej.com
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