Greenwich Village apartments in Va. Beach sell for $36.2 million
Rieder Holdings, a New York real estate investment and management firm looking to expand its presence in Hampton Roads, has purchased the 224-unit Greenwich Village Apartments in Virginia Beach for $36.2 million, or about $162,000 per unit.
ARA mid-Atlantic principals Mike Marshall and Drew White and associate broker Wink Ewing represented the sellers, Harmony Investments Inc. and Spy Rock Development. Spy Rock, based in Richmond, is a regional developer and owner of several multifamily communities in Virginia. Harmony Investments in Virginia Beach has partnered with Spy Rock to develop multifamily properties in Hampton Roads.
Ewing said in a statement that “Spy Rock and Harmony have taken advantage of the growing demand for luxury apartment product around Virginia Beach Town Center by building a best-in-class community on land that was originally slated for light industrial development.” This approach, he added, gave the property a good location in the Newtown area with high visibility near Interstates 64 and 264.
Rieder Holdings controls a portfolio of multifamily assets in the New York, New Jersey and mid-Atlantic regions.