Colliers Int’l. announces sale of 112 unit Virginia property
VIRGINIA BEACH, VA — G.S. (Hank) Hankins, senior vice president; Victoria Pickett, first vice president; Charles Wentworth, senior vice president; Will Mathews, managing director; Clay Ellis, associate; and Garrison Gore, associate, with the Colliers National Multifamily Advisory Group represented the seller in two separate Virginia Beach transactions. In the first transaction B&W Properties sold Carolanne Terrace, a multifamily community to MRKT Capital. The community includes 112 spacious two-bedroom, two-bathroom floorplans equipped with stackable washers and dryers. Historically well occupied and often with a tenant waiting list, Carolanne Terrace has tremendous room for revenue growth through a strategic value-add program. The property is located at 5528 Carolanne Terrace in Virginia Beach between the Virginia Beach Town Center and downtown Norfolk offering convenient access to major employers and the region’s top retail. In the second transaction, Riverpoint Granby, LLC sold Riverpoint Court, a 32-unit multifamily development, from to Thalhimer Realty Partners. Constructed in 1945 to offer housing and education space for hospital staff, Riverpoint Court is located along bustling Granby St. adjacent to Bon Secours DePaul Medical Center. The two-story property underwent significant restoration and redevelopment in 2008 providing spacious floorplans and modern amenities while maintaining its historic charm.