Virginia Beach apartment community sells for $12 million

Baywatch Pointe, a 22-building, 160-unit apartment complex in Virginia Beach, has sold for $12 million, or about $75,000 per unit.

Marcus & Millichap announced the sale Thursday.

 “The sale of Baywatch Pointe achieves the seller’s financial goals and provides new ownership with significant upside potential that the buyer plans to unlock by rehabilitating units that are currently offline,” Altay Uzun, a multifamily specialist in Marcus & Millichap’s Hampton Roads office, said in a statement.

Uzun and Christian Beck, an office property investment specialist, represented the seller, a regional private investment group. Uzun procured the buyer, a private investment entity based in New York.

Built in 1977 on nearly 12 acres, the property is less than four miles from the Virginia Beach Town Center.  It is accessible via Newtown Road, one of Virginia Beach’s major thoroughfares. The location also is close to public schools and provides tenants with access to major employers, shopping, and dining.

“Out-of-state investor interest in Virginia’s multifamily assets has been steady,” adds Uzun. “This is the sixth multifamily transaction we have concluded with an out-of-area buyer this year.”