RICHMOND, VA — Wink Ewing and Mike Marshall, managing directors, and Matt Straughan, associate of Northmarq’s Richmond investment sales team, collaborated to secure the $43 million sale of Bayville Apartments. The 240-unit class B multifamily property (built in 1971) is located at 1512 Kindly Lane in Virginia Beach, Virginia. The Northmarq investment sales team represented the seller, Thalhimer Realty Partners, and the Northmarq debt/equity team of Keith Wells, Reina Abboud and Hunter Wood team represented the buyers, Linden Property Group and Matador Capital Management, in the acquisition financing structured via a bridge loan.
“Virginia Beach continues to experience unprecedented population and rent growth which has been a catalyst for strong demand for multifamily housing,” said Ewing. “Bayville Apartments offered an excellent opportunity for Linden & Matador to acquire a proven value-add property that with continued upgrades could further increase asking rents and maximize value for the asset.”
Commuters at the property benefit from its close proximity to Northampton Boulevard and I-264, giving easy access to all parts of Virginia Beach. Three institutions of higher learning are within 9.5 miles of the property. Residents benefit from both an urban lifestyle, with two shopping centers with in 1.9 miles, as well as suburban living, with five parks within 10 miles, including Tidewater Arboretum (2.3 miles).
The property consists of one-, two—and three-bedroom options with numerous custom layouts available. Community amenities include: Business center, bark park, on-site maintenance, on site management, package receiving, pet-friendly policy, playground, pool, and short-term lease available. Apartment amenities include; air conditioner, balcony, dish washer, disposal, large closets, patio, range, refrigerator, spacious floor plans, washer/dryer hookups and window coverings.
As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $33 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.
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