Fulton Realty Capital advised a private client on the acquisition of a multifamily apartment community located in Virginia's Hampton Roads region. Fulton’s team sourced the asset, led negotiations, and arranged 10-year fixed-rate GSE mortgage financing.
The community spans across almost five acres and consists of 116 apartment homes with one-to-four-bedroom floor plans, primarily in townhome-style units. The units collectively offer over 107,000 rentable square feet. Situated adjacent to a city center, there is convenient access to major retailers.
At closing, the property's physical occupancy was already 92%. Nonetheless, there are significant value-add opportunities through renovations, as 25% of the units are in “classic” condition.
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