Hampton Roads multifamily portfolio sells for undisclosed amount
Acquisition includes 856 units
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.