New York firm buys Chesapeake apartments as part of $58.2M portfolio

New York-based multifamily investment firm Newbrook Capital Properties announced this week it has acquired a two-property, 340-unit portfolio of apartment complexes in the Virginia-North Carolina border region for $58.2 million.

The portfolio includes Green Tree, a 208-unit garden-style apartment community at 749 Green Tree Circle in Chesapeake, and Emerald Lake, a 132-unit garden-style complex about 40 minutes south at 1500 Emerald Lake Circle in Elizabeth City, North Carolina. Newbrook purchased both properties from MRKT Capital, and they were 98% occupied at the time of the sale.

Built in 1990, Green Tree offers apartments ranging from 575 to 950 square feet, with rents from $1,175 to $ 1,550.

Newbrook plans to renovate 70% of the unit interiors, but a company spokesperson said it was “too early” to discuss what the renovations may entail. The spokesperson also declined to discuss how the improvements may affect rent and whether Newbrook had plans to sell the property after it eventually made the improvements.

The firm tapped StoneCreek, a St. Louis-based property management firm, to manage the two complexes.

Cushman & Wakefield’s Hunter Bowling and Paul Marley represented the seller on Emerald Lake, while Berkadia’s Drew White and Carter Wood handled the Green Tree sale.

Newbrook was co-founded in late 2023 by hedge fund manager Robert Boucai and James Broyer, former president of multifamily investments at JRK Property Holdings. Since then, the firm has acquired $400 million in assets under management, encompassing over 2,000 units across Colorado, North Carolina, Ohio, Missouri and Virginia.

“Our strategy is built around identifying mispriced, high-quality assets in primary and secondary markets with durable multifamily fundamentals, limited supply, elevated occupancies, and rental upside,” said Broyer in a statement. “This approach allows us to acquire properties at an attractive cost basis with long-term fixed-rate financing and hold them for longer durations, while generating stable income growth and consistent, outsized cash yields for our investors.”