Norfolk apartment community is sold

Published January 22, 2019 by Robert Powell, III

Henrico County-based Gumenick Properties has sold a 400-unit Norfolk apartment community to Virginia Beach-based Croatan Investments.

The sales price of the Park Crescent Apartments, located at 6450 Crescent Way in Norfolk, was not disclosed.

The apartment community was built in two phases. The first phase of 288 units was constructed in 1991 by Gumenick.

The second phase of 112 units, constructed in 2012, included amenities such as a resort-style saltwater pool, a clubhouse, and fitness center.

Hank Hankins and Victoria Pickett of Colliers International and Jonathan Greenberg of CBRE Washington, D.C., represented Gumenick Properties in the transaction.