Multifamily - Sale


Northmarq arranges $98.5 million sale of Coastline Apartments in Virginia Beach, Virginia

The transaction represents the largest single-property multifamily transaction in Hampton Roads based on total price

RICHMOND, VIRGINIA (November 19, 2021) – Northmarq’s Richmond investment sales team of Wink Ewing, managing director, Mike Marshall, managing director, Matt Straughan, associate, and Jared Alcorn, analyst, collaborated to arrange the $98.5 million sale of Coastline Apartments. The transaction is the largest single-property multifamily transaction in Hampton Roads history in terms of total price.  Northmarq represented the seller, Blackfin Real Estate Investors in a joint venture with GMF Capital, in the transaction. 

“The sale of Coastline represents the largest single asset multifamily transaction ever in Hampton Roads and highlights the strong performance in the market and increased demand for multifamily assets in the region,” said Marshall.

The 600-unit/75-building class B- garden-style multifamily complex (built in 1970 and last renovated in 2019) is located on 36 acres of land at 631 Lake Edward Drive in Virginia Beach, Virginia. 

“We want to thank the Northmarq team for running a great process. This was a tremendous success story for our firm. We expect that the buyer will continue to benefit from the momentum of the Hampton roads market as they takeover ownership,” noted Doug Root, Co-founder & Managing Partner – Blackfin Real Estate Investors. 

The property benefits from a central location near the Virginia Beach Town Center in the heart of Virginia Beach. It provides easy access to interstate I-264 and I-64 and nearby public transportation. It is also located near Virginia Wesleyan University, the Norfolk Airport, and Norfolk Premium Outlets. Residents have numerous available retail opportunities within walking distance including shopping, restaurants comedy club, shopping mall, coffee shops and more. Downtown Norfolk, Portsmouth and the Oceanfront are only a 15 minute drive away and afford many activities for families. 

Community amenities include: Swimming pool with sundeck, multiple playgrounds, dog park, community clubroom, flexible lease terms, pet friendly and 24-hour maintenance. Apartment amenities include: Remodeled kitchens, eat-in kitchen, refrigerator, built-in microwave, dishwasher, gas range, washer/dryer, balcony or screened-in patio, walk-in closets, crown molding, pre-wired for cable, high speed internet available and Verizon Fios ready. 

 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.