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Featherstone Partners Acquires Multifamily Property In Virginia Beach For $36M

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SOLD
$36,000,000

Virginia

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MultiFamily
Sold 11/15/2022
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Property Image
SOLD

Featherstone Partners Acquires Multifamily Property In Virginia Beach For $36M

1749 Lacrosse Drive, Virginia Beach, Virginia 23464, United States

See Similar Deals
MultiFamily
Sold 11/15/2022
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Summary

VIRGINIA
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily property located at 1749 Lacrosse Dr in Virginia Beach, VA has been sold for a total price of $36,000,000. This transaction was facilitated by Ron Corrao, Eric Liebich, and Matt Weinstein from Capstone Apartment Partners acting as brokers for Featherstone Partners, the buyer, and Clark-Whitehall Enterprises, the seller. The property consists of 208 units, resulting in a price per unit of $173,077.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $36,000,000
  • Address: 1749 Lacrosse Dr, Virginia Beach, VA
  • Market: Virginia Beach, VA
  • Buyer: Featherstone Partners
  • Seller: Clark-Whitehall Enterprises
  • Brokers: Ron Corrao, Eric Liebich, and Matt Weinstein - Capstone Apartment Partners
  • Units: 208
  • Price per Unit: $173,077

Notable individuals involved in this transaction include Ron Corrao, Eric Liebich, and Matt Weinstein from Capstone Apartment Partners. These brokers successfully represented Featherstone Partners and Clark-Whitehall Enterprises throughout the deal process. Their expertise and negotiation skills contributed to the successful sale of the multifamily property.

Players

Ron Corrao
13 deals$274.9M volume(757) 749-6994
BROKER

Eric Liebich
NorthMarq
11 deals$257.3M volume(704) 935-7019
BROKER

BUYER

Details

SOLD
IMAGE: Ron Corrao, Eric Liebich & Matt Weinstein DATE: 11/15/2022 ADDRESS: 1749 Lacrosse Dr MARKET: Virginia Beach, VA ASSET TYPE: Multifamily BUYER: Featherstone Partners SELLER: Clark-Whitehall Enterprises BROKERS: Ron Corrao, Eric Liebich & Matt Weinstein - Capstone Apartment Partners SALE PRICE: $36,000,000 UNITS: 208 ~ PPU: $173,077

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,920,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$127,900.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$170,658.37
Annual Debt Service$2,047,900.40