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400-unit apartment complex sells for $84M in Norfolk
139 units of Park Crescent were recently renovated
The Park Crescent apartment community in Norfolk. Photo courtesy Croatan Investments
The Park Crescent apartment community in Norfolk. Photo courtesy Croatan Investments
400-unit apartment complex sells for $84M in Norfolk
139 units of Park Crescent were recently renovated
Katherine Schulte //June 14, 2024//
A 400-unit apartment community in Norfolk sold for $84 million, according to a late May news release from Croatan Investments.
Originally built in 1991, the garden-style apartment community, Park Crescent, had 454,735 rentable square feet at the time of sale, according to Croatan.
FPA Multifamily purchased the property from a joint venture of Croatan and JSB Capital Group. The joint venture has invested in three properties, and the Park Crescent sale is their second sale.
The partnership bought the property in January 2019, and paid $57.2 million for it, according to Norfolk property records. The team renovated 139 units; made repairs to the roof, elevators and pool area; and added an arcade center and a dog park.
Founded in 2004, Virginia Beach-based Croatan Investments is a private equity real estate manager that focuses on rental housing investments. The firm’s portfolio is made up of multifamily assets across the mid-Atlantic and Sun Belt regions.
