Featherstone Partners Purchases MultiFamily Asset In Virginia Beach For $36M

The property involved in this transaction is Royal Pointe Apartments, located at 1749 Lacrosse Dr, Virginia Beach, VA. This multi-family asset was acquired for $36,000,000. The complex consists of 208 units, comprising both garden and townhome styles, and was 98.1% occupied at the time of closing. The apartments, constructed in 1987, feature one- and two-bedroom units with sizes ranging from 680 to 1,130 square feet. Each unit includes a fully equipped kitchen, washer/dryer connections, and a patio or balcony. Current amenities at the property include a swimming pool, fitness center, modern clubhouse, laundry facilities, walking trails, a car wash station, and well-manicured courtyards with a pond and community garden.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $36,000,000.00
• Address: 1749 Lacrosse Dr, Virginia Beach, VA
• Seller's Representative: Matt Weinstein-Capstone Companies
• Buyer: Featherstone Partners
• Occupancy Rate at Closing: 98.1%
• Units: 208
• Construction Year: 1987

This transaction was facilitated by Ron Corrao, Eric Liebich, and Matt Weinstein of Capstone Apartment Partners representing long-term owner Clark-Whitehall Enterprises, who held the asset for 18 years. Featherstone Partners plans to implement various upgrades aimed at enhancing the tenant experience, including both interior and amenity improvements.