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Home News Two apartment complexes in Va. Beach sell for $7M+

Two apartment complexes in Va. Beach sell for $7M+

One is near Virginia Beach Oceanfront and one is less than 3 miles from Town Center.

Published April 3, 2020 by Sydney Lake

Breezy Meadows Apartments at 2201 Baltic Ave.

Two apartment complexes in Virginia Beach have sold for $3.1 million and $4.525 million, respectively, commercial real estate investment company Marcus & Millichap announced this week.

The Green Meadows Apartments sold for $3.1 million and the Breezy Meadows Apartments sold for $4.525 million, said Benjamin Yelm, regional manager of the firm’s Hampton Roads office.

Cohen Investment Group sold the property to MRKT Capital, and Marcus & Millichap marketed the properties.

Green Meadows Apartments at 500 Green Meadows Drive

Green Meadows Apartments has 24 units and sits on 0.38 acres 2.3 miles from Virginia Beach Town Center. Breezy Meadows Apartments is a 75-unit apartment complex located on 3.68 acres within walking distance to Virginia Beach Oceanfront, according to Marcus & Millichap.

“Given the timing of the close, all the uncertainty with COVID-19’s effect on the investment sales process was a concern to all parties,” said Altay Uzun, vice president investments in Marcus & Millichap’s Hampton Roads office. “The key here was keeping everyone focused on the long-term demand for multifamily which will remain and grow with time. An asset in a great location is still an asset in a great location no matter what’s happening in the market.”

 

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