Suffolk apartment community sells for $35 million
Bainbridge Hampton Roads Crossing, a 216-unit, garden-style apartment community in Suffolk, has sold for $35 million, or about $162,000 per unit.
ARA Newmark’s Mike Marshall, Drew White and Wink Ewing represented the sellers, The Bainbridge Cos. and Blue Granite Partners LLC, in the transaction.
The buyer was Baron Realty Advisors, a private-equity investment firm based in New Jersey. It has selected Artcraft Management Inc., headquartered in Richmond, to manage the property.
According to ARA, the property is about 96 percent leased. Constructed in 2013, Bainbridge Hampton Roads Crossing is a Class-A apartment community with high-end finishes, amenities and large floor plans.
It’s located in the 132-acre Hampton Roads Crossing mixed-use development, which has a new retail center anchored by a 123,000-square-foot Kroger Marketplace.
The MAST Center, a major component of the development, houses the Virginia Modeling Analysis and Simulation Center and the Old Dominion University Higher Education Center. The MAST Center will include up to 10 buildings totaling 420,000 square feet of office and technology-oriented space, providing opportunities for speculative and build-to-suit office space as well as hotel development.
“Bainbridge Hampton Roads Crossing is well positioned in the regional market with great access to Norfolk, Portsmouth, Chesapeake and an easy commute to the Peninsula area,” ARA Newmark Senior Vice President Wink Ewing said in a statement. “The demand for luxury rental product has proven to be very robust in northern Suffolk, as shown through the relatively fast lease up of about 24 units per month. With little competitive product in the area, these units should benefit from above market rent growth for the foreseeable future.”
ARA, a Newmark Co. with offices across the country, is an investment advisory firm that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties.