Yorktown, Newport News apartments sell for $45M, $36.7M
Pines of York, Tech Center Square sold by Philadelphia REIT
Two apartment properties in Hampton Roads have been sold by Philadelphia-based Resource REIT Inc., Colliers announced last week.
Pines of York, a 248-unit apartment complex built in 1974 and located at 3100 Hampton Highway in Yorktown, sold for $45 million. New Jersey-based Riverpass Holdings LLC purchased the property from Resource REIT.
Tech Center Square, an apartment community built in 1985 with 208 apartments, has been sold for $36.7 million. Bethesda, Maryland-based Walde Management LLC purchased the property, located at 128 Jefferson Point Lane in Newport News, from Resource REIT.
The complex is near the Oyster Point Shopping Center, a busier area of Newport News. The new owner plans a comprehensive renovation program for unit interiors and common areas, according to Colliers.