Multifamily residences sell in Suffolk, Norfolk

Beamons Mill goes for $9.15M and Lighthouse Point sells for $4.1M

Published October 1, 2021 by Robyn Sidersky

An apartment complex in Norfolk and a townhouse community in Suffolk both sold this week, Colliers Virginia announced Friday.

Beamons Mill Townhomes, at 224 Beamons Mill Trail in Suffolk, was sold by Outlier Realty Capital to The Apartment Gallery for $9.15 million. The 55-unit townhome community was built in the early 2000s. Each townhouse is an average of 1,307 square feet, and most have 2.5 bathrooms, washer and dryer hookups and private patios. It is at 100% occupancy.

Lighthouse Point, at 1349-1353 Bayville Street and 1403 Bayville Court in Norfolk, was sold by WeldenField to Fratelly Capital for $4.1 million. The waterfront community is near Naval Station Norfolk, Old Dominion University and was built in 1987. It has 36 apartments undergoing renovations to include vinyl flooring, stainless steel appliances and quartz countertops.

“The apartment market in Hampton Roads continues to exceed expectations,” G.S. (Hank) Hankins, executive vice president of Colliers, said in a statement. “The resiliency of rental product has transformed the region into one of the most sought-after investment markets in the mid-Atlantic. I don’t see the current trajectory slowing down in the foreseeable future.”

Hankins, Victoria Pickett, Charles Wentworth and Garrison Gore represented the sellers in both transactions.

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