Two apartment complexes in Va. Beach sell for $7M+

Two apartment complexes in Virginia Beach have sold for $3.1 million and $4.525 million, respectively, commercial real estate investment company Marcus & Millichap announced this week.

The Green Meadows Apartments sold for $3.1 million and the Breezy Meadows Apartments sold for $4.525 million, said Benjamin Yelm, regional manager of the firm’s Hampton Roads office.

Cohen Investment Group sold the property to MRKT Capital, and Marcus & Millichap marketed the properties.

Green Meadows Apartments has 24 units and sits on 0.38 acres 2.3 miles from Virginia Beach Town Center. Breezy Meadows Apartments is a 75-unit apartment complex located on 3.68 acres within walking distance to Virginia Beach Oceanfront, according to Marcus & Millichap.

“Given the timing of the close, all the uncertainty with COVID-19’s effect on the investment sales process was a concern to all parties,” said Altay Uzun, vice president investments in Marcus & Millichap’s Hampton Roads office. “The key here was keeping everyone focused on the long-term demand for multifamily which will remain and grow with time. An asset in a great location is still an asset in a great location no matter what’s happening in the market.”