City Line Capital Acquires 148-Unit Multifamily Community In Norfolk From Levco Management For $28M
6143 Edward Street
$28,000,000
Units
148
Asset Type
MultiFamily
Closing
Aug 19, 2026
AI
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.
Players
Norfolk MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93