Waterford Apartments sells for $55M in Va. Beach

376-unit complex was built in 1980

Published March 3, 2023 by Robyn Sidersky

Waterford Apartments in Virginia Beach is under new ownership, after Blackfin Real Estate Investors LLC acquired the 376-unit apartment complex for $55.35 million, the real estate investment company announced.

Located off Shore Drive near Lake Smith, the one- and two-bedroom apartment community was built in 1980 and previously renovated to include walk-in closets, maple custom cabinets, granite countertops, updated lighting and fixtures, dishwashers and other upgrades, according to a news release from Blackfin. It is at near-full occupancy.

This acquisition is Blackfin’s second in Hampton Roads in 2023. In January, the real estate investment company purchased Riverlands Apartments, a 404-unit apartment complex in Newport News, for $44.2 million. Blackfin owns several apartment communities in Virginia, North Carolina, Tennessee, Florida, South Carolina and Maryland. It’s Blackfin’s 10th acquisition in Hampton Roads and its 14th acquisition overall during the past six months.

Hank Hankins, Victoria Pickett, Charles Wentworth and Garrison Gore, all of Colliers, represented the seller in the transaction.

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