Industries Commercial Real Estate

S. L. Nusbaum begins construction on apartment project in Newport News

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S. L. Nusbaum Realty Co. has started work on Heritage Forest Apartments in Newport News. Phase I of the project will offer 144 units and is scheduled to open in August 2012. Phase II will follow with an additional 104 units in the spring of 2013. This will be the first apartment development completed in Newport News by S.L. Nusbaum Realty Co.’s Multi-Family Development Team, based in Norfolk, Virginia. It currently owns and manages more 120 apartment communities consisting of over 18,000 units throughout the Southeast. Located off Marshall Avenue on the site of the former Whittaker Memorial Hospital, Heritage Forest will be a gated community with one- , two-  and three-bedroom apartments. Amenities will include an exercise facility, clubhouse and swimming pool. Wells Fargo Bank along with the U. S. Department of Housing and Urban Development (HUD) is providing construction financing while financing for land acquisition is coming from TowneBank, a community bank based out of Hampton Roads.

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