Fulton Realty Capital advised a private client on the acquisition of a multifamily apartment community in the Hampton Roads region of Virginia. Fulton’s team sourced the asset, led negotiations, and arranged 10-year fixed-rate GSE mortgage financing.
The over 110,000 square foot property contains 125 apartment homes on almost 17 acres of land. The homes feature one-to-three-bedroom floor plans.
Despite 97% physical occupancy at closing, the asset offers upside opportunity through increasing rental rates. Current rents are significantly below market competitors. There is also a value-add opportunity through renovations, as all units are in "classic" condition.
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