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Colliers Announces Multifamily Sales in Suffolk and Norfolk

Colliers Announces Multifamily Sales in Suffolk and Norfolk
Colliers Announces Multifamily Sales in Suffolk and Norfolk
Colliers Announces Multifamily Sales in Suffolk and Norfolk
Beamons Mill Townhomes and Lighthouse Point Apartments

Colliers is pleased to announce two multifamily community sales in Hampton Roads.

“The apartment market in Hampton Roads continues to exceed expectations,” said G.S. (Hank) Hankins, executive vice president of Colliers. “The resiliency of rental product has transformed the region into one of the most sought-after investment markets in the Mid-Atlantic. I don’t see the current trajectory slowing down in the foreseeable future.”

Beamons Mill Townhomes, located at 224 Beamons Mill Trail in Suffolk, was sold from Outlier Realty Capital to The Apartment Gallery. The 55-unit townhome community was primarily constructed in the early 2000s and is located in the region’s fastest-growing city. Sprawling floorplans average 1,307 square feet, and most residences have 2.5 baths, washer and dryer hookups, and private patios. Beamons Mill’s peaceful suburban setting offers a product type that is rare in the rental market evidenced by 100% occupancy.

Lighthouse Point, located at 1349-1353 Bayville Street and 1403 Bayville Court in Norfolk, was sold from Weldenfield to Fratelly Capital. This unique waterfront community is located only minutes from Naval Station Norfolk, Old Dominion University, and numerous beach-side amenities. Constructed in 1987, the property features 36 apartments currently undergoing renovations to include vinyl flooring, stainless steel appliances, and quartz countertops. There is tremendous revenue potential for additional enhancements by the new owners.

G.S. (Hank) Hankins, executive vice president; Victoria Pickett, first vice president; Charles Wentworth, executive vice president; and Garrison Gore, associate, represented the sellers in both transactions.

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of the property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn

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