Community Investment Group acquires East Beach Apartments for $10.13 million, as well as Fenner Gardens for $7.7 million
The Edge Multifamily Capital Markets Group has brokered the sale of two multifamily communities located in Norfolk, Virginia for nearly $18 million. Community Investment Group acquired East Beach Apartments for $10.13 million, as well as Fenner Gardens for $7.7 million with Rawles Wilcox, Ryan Ogden and Jared Emery, Partners with Edge Multifamily Capital Markets, representing the buyer, Community Investment Group (CIG), in this off-market transaction. The Edge team also recently represented the buyer of Shelter Cove Apartments, a 300-unit multifamily community situated in Odenton, Maryland.
East Beach Apartments is a 114-unit multifamily asset located on 3914 Pleasant Avenue in the East Ocean View submarket and was 97% leased at the time of the sale. Fenner Gardens contains 86 units, is located at 7433 Fenner Street in the Partra submarket and was 95% leased at the time of the transaction. Both assets sold for approximately $90,000 per unit.
Headquartered in Chesapeake, Virginia, Community Investment Group owns and manages a diverse portfolio of more than 70 properties spanning the multifamily, hospitality, commercial office, warehouse and self-storage asset classes. The organization is active throughout the southeast portion of the United States.
Brick Lane is based in Washington, D.C. and has acquired, delivered or currently developing nearly four million square feet of multifamily and mixed-use projects in Washington, D.C., Virginia, Maryland, South Carolina and Alabama.
Rawles Wilcox and Jared Emery previously brokered the sale of both properties to Brick Lane in 2017.
Our team brought tremendous familiarity with both assets to this assignment based on our past activities with the properties, which helped facilitate the sale,” stated Rawles Wilcox of Edge Multifamily Capital Markets. “The buyer acquired two well maintained assets and has plans to implement unit renovations. Both properties are in emerging sub markets and the buyer will benefit tremendously after unit renovations. This off-market transaction was facilitated based on the cutting-edge data analytics tools and deep relationships with investors and sellers that Edge brings to every assignment.”
The Edge Multifamily Capital Markets Group provides advisory & consulting service to buyers of multifamily investment properties and clients with active 1031 exchange needs across the United States.
Edge is a commercial real estate firm providing a full complement of advisory, leasing, investment sales, management, construction, property management and engineering services to clients throughout the Washington, D.C., Maryland, Northern Virginia, and Pennsylvania marketplaces. Founded in 2007, the company currently leases and manages more than 8.5 million square feet of commercial office, flex/office, industrial/warehouse, retail and mixed-use space. Visit www.edgecre.com.