The Colliers International Mid-Atlantic Multifamily Advisory Group represented the seller in the sale of Heritage at Settlers Landing, a 140-unit urban mid-rise multifamily development in Hampton.
The community at 553 Settlers Landing Road was built in 2007. It is located along the walkable, historic downtown Hampton waterfront, and has the potential to be the premier community in the submarket. Heritage at Settlers Landing offers the opportunity to increase revenue with its unique suburban-style floor plans in an urban setting.
The community includes one-, two-, and three-bedroom apartments in three four-story, elevator-served buildings comprising a total of 144,910 square feet.
“Downtown Hampton is on an upward trajectory as the city has made concerted efforts to add amenities and vibrancy to the area,” said G.S. (Hank) Hankins, senior vice president with Colliers International. “The purchaser has a great opportunity to leverage the property’s high-quality construction and elevate demand through unit and common area renovations.”
The location is less than one mile from Hampton Circuit Court, Hampton District Court and multiple law offices. Nearby major employers include the Hampton Veterans Administration Medical Center, Hampton University Proton Therapy Institute, Huntington Ingalls Industries, NASA Langley and Naval Station Norfolk.
G.S. (Hank) Hankins, senior vice president; Will Mathews, managing director; Charles Wentworth, senior vice president; Rawles Wilcox, senior vice president; Victoria Pickett, vice president; and Clay Ellis, associate, with the Colliers Mid-Atlantic Team, represented the sellers Collins Enterprises, LLC and Drucker & Falk. The community was purchased by Levco Management, headquartered in Richmond, VA.
About Colliers International Group Inc.
Colliers International is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40 percent of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.