Virginia Beach apartments sell for $33.6 million
Woodshire Apartment Homes, a 288-unit garden-style apartment community in Virginia Beach, has sold for $33.6 million to an out-of-town buyer.
According to the mid-Atlantic office of ARA Real Estate Investment Services, Chandler Management Corp., a Newport News-based property management company, sold the property to the Bainbridge Cos. With offices in Bethesda, Md., and Wellington, Fla., Bainbridge is an owner, developer and manager of multifamily apartments in the Eastern U.S.
Brokering the deal for ARA Mid-Atlantic were Principals Mike Marshall and Drew White along with Richmond/Norfolk broker Wink Ewing.
Constructed in 1975, Woodshire apartments are located less than a mile from Interstate 264 and near the Virginia Beach Town Center.
“Woodshire is the latest in a recent trend of well-positioned B class properties slated for unit interior upgrades around the Hampton Roads MSA,” Ewing said in a statement.
“We have seen several properties near Virginia Beach Town Center have success with renovation programs, due to the ever-widening rent gap between class A and B apartments. The new owners should see excellent returns through focused capital improvements.”