Hampton Roads multifamily portfolio sells for undisclosed amount

Acquisition includes 856 units

Published April 29, 2021 by Rich Griset

In early April, New Jersey-based Brentwood Investment Group and Greencove Capital Group closed a deal to acquire a multifamily portfolio that includes 856-units for an undisclosed amount.

The deal included five garden-style multifamily communities in Hampton and one property in Poquoson. Built between 1970 and 1985, the properties have an average unit size of 921 square feet and a blended occupancy rate of 98%. The seller was Riverdale Management.

The portfolio included the following properties:

Coliseum Gardens in Hampton (181 units)
Cunningham in Hampton (32 units)
Pinewood in Hampton (64 units)
Sacramento TH in Hampton (138 units)
Tidemill Farms in Hampton (284 units)
Poquoson Place in Poquoson (157 units)

Norfolk-based Harbor Group International LLC, a privately-owned international real estate investment and management firm, provided $75.5 million in bridge financing to Brentwood and Greencove.