Capstone Companies has closed an $18.9M portfolio sale consisting of three properties—Crossroads Townhomes (1974), Bently Apartments (1986), and Elkhart Apartments (1985)—in the Chesapeake and Portsmouth submarkets of the Hampton Roads, VA MSA. The three properties total 202 units and are located within 2.5 miles of each other.
This portfolio benefits from its strategic location to major roadways, putting the properties within a short commute to downtown Chesapeake and an abundance of jobs, retail, and restaurants. The portfolio is also less than 15 miles from Norfolk, another major economic hub and demand driver. The properties were 97% occupied at the time of closing.
The seller, a private firm which owned the assets for more than 25 years, kept all three properties exceptionally well maintained with very little exterior deferred maintenance, making it an ideal investment for the buyer. With limited deferred maintenance, West End Capital Group plans to invest significant capital into interior renovations at the three properties, improving the units to a higher finish level, and creating a higher standard of living for local residents seeking better quality housing options.
Capstone’s transaction team of Ron Corrao, Eric Liebich, Matt Weinstein, Dane Lozier, Scott Fuller, and Josh Greenwald represented the buyer, West End Capital Group, a real estate investment firm based in Washington DC.