Portfolio of Ocean View Apartments in Norfolk sells for $7.6 million

Greysteel, a national commercial real estate investment services firm, has arranged the sale of the Norfolk Ocean View Portfolio, a 104-unit multifamily portfolio in the Ocean View neighborhood of Norfolk.

Greysteel director Rawles M. Wilcox and investment associate Jared Emery from the firm’s Norfolk office negotiated the $7.6 million transaction on behalf of the seller, Boardwalk Realty & Development, and the out-of-state buyer, Brick Lane Real Estate, based in Washington, D.C.

According to Greysteel, the portfolio is located on Willoughby Spit. There are nine properties, with each of them containing six to 18 units. The apartments offer new appliances, refinished cabinets and countertops, lighting packages, faux hardwood floors, and new carpet.

The portfolio’s location provides access to transportation routes, including Interstate 64, U.S. Route 460, and Interstate 564.  All of the properties are within walking distance of the beach, in most cases being either beach front or less than two blocks away.

“The solid financial performance of this portfolio, minimal capital expenditures required in a neighborhood with plenty of potential for growth, attracted the out-of-state buyer,” Wilcox said in a statement. “Furthermore, the extensive renovations completed by the previous ownership have positioned the portfolio to command higher rents in a location that is continuing to transform.”

Greysteel, which has 11 offices throughout the country, serves and advises private and public institutional real estate investors and developers in the marketing, sale and financing of private capital and middle-market real estate assets.