180-unit Multifamily Development
Investment Background: Joint venture to develop a 180-unit, Class A apartment complex on the site of a dated, Class C apartment property. The project started in mid-2015 and was completed on schedule and on budget in June 2016. Tenants have moved into the project.
Product Type: Apartment types will include studio, one, two and three bedrooms—in elevator accessed four-story buildings.
Location: On the Lafayette River, five miles north of downtown and within a mile of the Norfolk Naval Station in the Wards’ Corner neighborhood.
Attributes: Takes advantage of evident market growth and excellent demand by apartment renters as the Norfolk area grows into a more important East Coast port in the wake of the widening of the Panama Canal.