Va. Beach apartment complex sells for $98.5M
Coastline Apartments complex includes 600 units
Coastline Apartments, a 600-unit apartment complex in Virginia Beach near Virginia Wesleyan University, has been sold for $98.5 million, Northmarq announced Wednesday.
Northmarq represented the seller, Arlington-based Blackfin Real Estate Investors, in a joint venture with GMF Capital.
The complex is on 36 acres at 631 Lake Edward Drive. It has a swimming pool, playgrounds, dog park, community club room, flexible lease terms and has 24-hour maintenance. The garden-style apartments were built in 1970 and renovated in 2019.
Northmarq’s Richmond investment sales team of Wink Ewing, Mike Marshall, Matt Straughan and Jared Alcorn collaborated on the sale. Beitel Group, a real estate group based in New York, was the buyer.