Newport News apartment community acquired
A Colorado Springs, Colo.-based real estate investor operating as Hartford at Riverwalk LLC has acquired from Fannie Mae a 264-unit apartment community in Newport News.
The acquisition of Riverwalk Apartments was financed with a $5.2 million loan by Los Angeles-based real estate investment firm Karlin Real Estate.
Riverwalk is a garden-style apartment complex with 264 one- and two-bedroom units and was 27 percent occupied at the time of the sale.
Built in 1966, the property is on a low-density 7.4-acre site and is within walking distance to both the James River and the downtown business district.
A portion of the proceeds from Karlin’s $5.2 million, first-mortgage loan will be used to complete a multimillion-dollar renovation started by Fannie Mae after it took back the property in 2013.
Brandon Rogers of Denver-based Terrox Financial Corp. arranged the financing.