The Class A luxury apartments offers strong potential for execution of an interior value-add program
RICHMOND, VIRGINIA (April 11, 2021) – NorthMarq’s Richmond office investment sales team of Managing Directors Wink Ewing and Mike Marshall, arranged the $67.25 million sale of Streets of Greenbrier. The team represented Richmond-based seller, GrayCo Inc., who sold the property to Capital Square, one of the preeminent DST (Delaware Statutory Trust) platforms in the country.
The 280-unit Class A luxury multifamily property was constructed in 2013 and located at 929 Wintercress Way in Chesapeake, Virginia. Prospective buyers were particularly attracted to the quality of construction, as the property was originally developed in a JV with Wood Partners & GrayCo, Inc. The market conditions were extremely favorable due to Chesapeake reporting some of the highest annual rent growth in area at +6 percent.
“We greatly appreciate the skillful representation of the NorthMarq Richmond team in helping us achieve an important portfolio management objective with the sale of the Streets of Greenbrier. It is a great asset and it was a pleasure working with the Capital Square team to produce a great outcome for both buyer and seller,” said Paul Sheehy, President of GrayCo, Inc.
The property is located minutes from the Greenbrier and Summit Pointe business districts, providing residents immediate access to some of the largest mixed-use developments in Hampton Roads. With corporations like Dollar Tree and Amazon investing heavily nearby, exciting employment opportunities are drawing new households to the area at a steady rate. Greenbrier is the largest business district in Hampton Roads, containing 19,000,000 sq. ft. of commercial space and employing more than 50,000 people every day.
“We executed a targeted marketing strategy where we approached several of the top buyers in the region and quickly found ourselves in a bidding war, which pushed pricing well-beyond expectations,” said Ewing. “Capital Square moved quickly with very aggressive terms to complete the sale, and we believe that they will do extremely well syndicating this deal to their DST investors.”
Residents benefit from a best-in-class amenity package and a diverse array of one- two- and three-bedroom floorplans. With its well-maintained grounds, strong location and the opportunity to benefit from the execution of further interior value-add program, the property continues to be on par with the market’s most recent Class A deliveries. Apartment amenities include: 9-10 foot ceilings, attached/detached garages, ceramic tile flooring and tub surrounds in bathrooms, custom lighting package, custom moldings and trim, espresso cabinetry with nickel hardware, LVP flooring in entries and kitchen, open kitchens with granite countertops/islands/stainless steel whirlpool appliances, oversized bedrooms, patio/sunroom options, soaking tubs in master bathrooms, tile backsplash in kitchens, Wi-Fi/high speed internet, washer/dryer included and open concept floor plans with abundant natural light.
Community amenities include: 24-hour emergency maintenance, 24-hour fitness center, billiards area, charcoal grill and picnic area around the pond, digital package acceptance and notification system, a dog “bark park,” sun deck with Wi-Fi access, fireplace lounge, free car wash and car vacuum, “Grand Oasis” style swimming pool, on-site recycling, outdoor fireplace and outdoor poolside TV and valet waste service.