250-unit apartment property in Newport News sells for $4.8 million.
Marcus & Millichap reports the sale of a 250-unit apartment property in Newport News for $4.8 million. According to the firm, the asset on 41st street sold to a private-equity firm.
“Soundview offers the buyer a repositioning opportunity with tremendous upside, as well as a stable tenant base of military and shipyard employees,” Altay Uzun, a Hampton Roads Marcus & Millichap investment specialist, said in a statement.
Soundview is located close to several of Newport News’ top employment drivers including the Riverside Health System, Huntington Ingalls Industries and Canon Virginia.
Uzun and Christopher Chadwick, first vice president investments in Marcus & Millichap's D.C., office, had the exclusive listing to market the property on behalf of the seller, a private investor.
“Our client utilized 4 percent low income housing tax credits issued by the Virginia Housing Development Authority (VHDA) in financing the transaction,” Chadwick said in a statement.