Local Private Investor Purchases River Oaks Apartments In Norfolk For $10 Million

A multifamily asset located at 1464 Gabriel Drive in Norfolk, Virginia was sold for $10,000,000. The property encompasses 100 units, translating to a price per unit of $100,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,000,000
• Units: 100
• Price Per Unit: $100,000

Jack Whitman and Otto Snell from Greysteel represented the deal, facilitating both the sale and financing for River Oaks Apartments. The financing included a loan package that provides for renovations to the community.