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Ritz Banc Group is new owner of 175-unit complex
Ritz Banc Group is new owner of 175-unit complex
Robyn Sidersky// March 3, 2023//
Arlington-based Ritz Banc Group, a real estate, private equity and alternative asset management firm, bought Hickory Point Townhomes, a 175-unit apartment complex at 399 Hickory Point Blvd. in Newport News, from New York-based AION Partners for $25 million, Cushman & Wakefield announced Monday.
The new owner pland to continue a comprehensive renovation program implemented by the previous owner.
The 175,600-square-foot property has 172 two-bedroom apartments and three three-bedroom apartments. The community also has a swimming pool and cabana.
Ritz Banc Group’s portfolio includes multifamily communities in Virginia Beach, Winchester, Portsmouth, Chesapeake, Reston, Chantilly and Richmond.
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