Chesapeake apartments sell for $30 million

Published November 18, 2019 by Sydney Lake

An Arlington-based real estate investment and property management firm has acquired the Carlton at Greenbrier Apartments in Chesapeake for $30 million.

Bonaventure Realty Group closed on the transfer of the four-story, modern, garden-style apartment complex on Oct. 31. H. Katz Capital Group Inc., a private equity firm formed by entrepreneur Harold Katz that purchased the apartment complex in 2013 was the seller. 

New York-based commercial real estate advisory firm Newmark Knight Frank Multifamily Capital Markets handled the transaction, led by Associate Carter Wood, Senior Managing Director Wink Ewing and Executive Managing Director Mike Marshall.

H. Katz Capital Group sold the property to Bonaventure through a 1031 exchange, which allows investors to defer paying capital gains taxes on an investment property when sold if a comparable property is purchased with the profit gained by the sale of the first property, Marshall said in a statement.

“From start to finish, our team saw this off-market transaction through by helping a client with a 1031 need locate a quality asset,” Wood said. “The deal made a lot of sense for both parties.”

Both parties were motivated regarding the transaction as there were no foreseen issues with the market, Ewing said.

The Carlton at Greenbrier was built in 2012 and is comprised of 176 units, including one-, two- and three-bedroom floor plans. The community includes a resort-style pool, clubhouse, fitness center and business center.

“H. Katz Capital has done an excellent job maintaining one of the premier communities in Chesapeake, a large factor contributing to their 98% occupancy,” Wood said.