City Line Capital Acquires 148-Unit Multifamily Community In Norfolk From Levco Management For $28M

City Line Capital acquired a multifamily community located at 6143 Edward Street in Norfolk, VA. The property spans 5 acres, consists of 148 units, and was sold for $28 million. Each unit was priced at approximately $189,062, with the two-bedroom units averaging 950 square feet.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $28,000,000
• Units: 148
• Price Per Unit: $189,189
• Address: 6143 Edward Street
• Market: Norfolk, VA
• Previous Sale Price: $17,000,000 in 2020

Levco Management was the seller in this transaction, while City Line Capital acted as the buyer. The deal reflects a significant investment in the multifamily housing sector, showcasing the ongoing interest and demand for residential rental properties in the Norfolk area.