CBRE brokers sale of two apartment projects

Published March 18, 2013 by Paula C. Squires

CBRE reports the sale of two apartment projects in Charlottesville and Newport News.

In the first deal, Tribal Properties LLC sold 56 units at Abington Place at 1439 Timberwood Ave. to Station Apts LLC for $5.35 million.  The new three-story building is located within Hollymead Town Center, a shopping center with restaurants and groceries.
More than 18,000 square feet of Class A office space also is available at Abington Place. Mason Graham, vice president of CBRE/Charlottesville, represented the seller in the transaction. 

In the second deal, Jefferson East Joint Venture LLC sold the 160-unit Jefferson East apartments at 711 Shadwell Court in Newport News to a private investment group based in Central Virginia for an undisclosed price. Located on J. Clyde Morris Boulevard/VA Route-17, Jefferson East is centrally located and offers access to the city’s interstate system. Dan W. Johnson, senior vice president, and Hank Hankins, vice president, for CBRE|Hampton Roads, represented the seller on behalf of the Washington, D.C./Norfolk Multi-Housing Group.