Newbrook Capital Properties Acquires 340-Unit Multifamily Portfolio In Norfolk Area For $58.2M

A multifamily portfolio consisting of two properties has been acquired, featuring a total of 340 units located in the Norfolk metro area. This portfolio includes Green Tree, situated at 749 Green Tree Circle in Chesapeake, VA, with 208 units, and Emerald Lake, located at 1500 Emerald Lake Circle in Elizabeth City, NC, with 132 units. The transaction was finalized for $58.2 million, equating to a price per unit of approximately $171,176. At the time of closing, the portfolio was 98% occupied.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $58,200,000
• Units: 340
• Price Per Unit: $171,176
• Location: Chesapeake, VA & Elizabeth City, NC
• Broker Representatives: Hunter Bowling, Paul Marley - Cushman & Wakefield; Drew White, Carter Wood - Berkadia

Newbrook Capital Properties is the buyer, represented by Robert Boucai and James Broyer. The acquisition is part of Newbrook's strategy, which includes plans for a 70% interior renovation to enhance value given the strong rental demand in the Norfolk area.