Va. Beach apartment complex goes for $28.1M

Arbor Trace Apartment Homes, a Virginia Beach complex in the Oceanfront area, has sold for $28,175,000 to Hill Property Partners LLC, S.L. Nusbaum Realty Co. announced Monday.

The neighborhood at 624 Suhtai Court is made up of 148 two-bedroom units, which will receive upgraded flooring and new appliances and fixtures. The community also includes a dog park, pool and fitness center. Bill Overman, John Wessling and Paul Peck of Nusbaum represented the buyer, and the seller, Ginkgo Arbor Trace LLC, was represented by Cushman & Wakefield | Thalhimer in the Sept. 10 transaction.

Hill Property Partners is a private investment firm founded by managing partner Mitchel Hill, and it has owned and developed more than 10,000 multi-family units across the U.S. Its offices are based in New York City and Port Washington, New York.

“HPP is very excited to be entering the Hampton Roads market, with the purchase of Arbor Trace Apartment Homes,” Hill said in a statement. “HPP plans on enhancing an already established community and making it an even better place for our tenants to live. This purchase would not have been possible without the persistence and professionalism of the S.L. Nusbaum brokers, who helped us craft a deal that won out over nearly 20+ offers.” Nusbaum will continue to manage the property.