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Veronica Garabelli// September 25, 2017//
Marcus & Millichap has announced the sale of Hollygreen Apartments in Virginia Beach for $8.05 million.
The 96-unit complex is located at 3429 Hollygreen Drive. The seller was Virginia Beach-based N, M & H Associates, while the buyer was Yorktown-based Cjehn Beta LLC.
Altay Uzun and Justin Ferguson, multifamily investment specialists in Marcus & Millichap’s Hampton Roads office, represented the sellers, private investors who had owned the property since it’s construction in 1984. Uzun also procured the buyer, Cjehn Beta LLC.
The apartments have two-bedroom, one-bathroom units. Amenities include a fitness center and an on-site pool. The apartment community is adjacent to a newly constructed Aldi grocery store and is near Virginia Beach Town Center.
“Our client plans to continue interior and exterior improvements while capitalizing on tenant demand that is organically growing via local development,” Uzun said in a statement.
