RICHMOND, VA — NorthMarq’s Richmond office investment sales team of Mike Marshall, Wink Ewing, managing directors and Ryan Rilee, associate vice president arranged the $167 million sale of the Waverton Virginia portfolio. The four-property portfolio is located in the Richmond and Hampton Roads markets of Virginia and contains a total of 1,063 units. NorthMarq represented the seller, Waverton Associates, Inc., a Portsmouth Virginia based developer as well as the buyer, a large regional investor with a substantial presence in the Virginia markets.
Properties include:
• Meridian Watermark - 300 units located at 6500 Caymus Way, Richmond
• Impressions I, II, & III - 414 units located at 501 Coral Key Place, Newport News
• Denbigh Village - 244 units located at 14332 Deloice Crescent, Newport News
• Marina Villa - 105 units located at 8150 Shore Dr., Norfolk
The Richmond-Hampton Roads multifamily market continued to post healthy performance throughout 2020, with robust renter demand driving significant year-over-year rent growth. Investor demand also remained strong, with asset pricing slightly higher than 2019 levels. Toward the end of 2020 several large transactions closed in Richmond and Hampton Roads with cap rates dipping to five percent or lower. Apartment construction over the past 12 months also ran ahead of 2019’s pace, exhibiting continued confidence among developers and lenders in the market’s ability to absorb new units. Looking forward, the Richmond-Hampton Roads market is forecast to remain strong, with occupancy and rent growth trends posting steadier performance than more expensive neighboring markets.
Comments