Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Meadowview Townhomes, a 400-unit multifamily asset in Newport News, Virginia. The property sold for $24.5 million, which equates to $61,250 per unit.
“Meadowview Townhomes is a newly renovated property that is well positioned to provide new ownership with a stable income stream and long-term appreciation,” says Christopher Chadwick, first vice president investments in Marcus & Millichap’s Washington, D.C. office.
Chadwick and Altay Uzun, senior associate in the firm’s Hampton Roads office, represented the seller, and procured the buyer.
“Nine of our last 12 closings, including this one, have been with out-of-area investors,” comments Uzun. “We expect to see this level of demand for Hampton Roads multifamily assets increase as activity levels in core markets stay strong.”
Bryn Merrey, senior vice president and division manager, is Marcus & Millichap’s broker of record in the state of Virginia.
Meadowview Townhomes was built in 1967 and renovated in 2017. Situated on more than 26 acres at 4801 Marshall Ave. in Newport News, the property is five miles from Interstate 664 and close to the area’s primary commercial corridor and Coliseum Central, which houses the Hampton Coliseum and the Peninsula Town Center. The Newport News/Williamsburg International Airport is 15 miles away.
About Marcus & Millichap
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com