Newmark arranges $102M sale & financing of 448-unit multifamily community in Virginia Beach

Virginia Beach, VA — Newmark announces the company has arranged the $102 million sale and financing of Latitudes Apartments, a 448-unit multifamily community located in Virginia Beach. Newmark president of Capital Markets Strategies Anthony Orso, Multifamily Capital Markets senior managing director Garrison Gore and executive managing directors Victoria Pickett and Charles Wentworth represented seller Heritage Capital Group in the transaction, which marks the largest single-asset multifamily sale in Hampton Roads history.

Executive managing director Henry Stimler and Directors Ricky Warner and John Chobanian of Newmark’s Multifamily Debt, Equity & Structured Finance group secured $71.4 million in acquisition financing on behalf of buyer Briar Capital Management LLC. Freddie Mac provided the loan.

“This transaction underscores the depth of investor demand in Southern Virginia, particularly for well-located communities with demonstrated value-add potential,” said Gore. “Latitudes Apartments benefits from strong local demographics, a resilient economic base and clear upside through continued renovations, making it a generational investment opportunity.”

Situated in Virginia Beach’s Hilltop submarket, Latitudes Apartments offers direct access to premier retail, recreation and a robust economic base. With occupancy averaging 95% and sustained rent growth projected, the community is well-positioned to capture long-term demand in one of Southern Virginia’s most resilient multifamily markets .

Built in 1989, Latitudes Apartments is 94% occupied and offers a mix of one-, two- and three-bedroom units. Recent capital improvements totaling $2.7 million upgraded both residences and community amenities, including a clubhouse, pool, fitness and recreation spaces. These enhancements have strengthened the property’s positioning and created clear runway for further revenue-generating upgrades.