CHESAPEAKE, VA., ELIZABETH CITY, N.C. — Newbrook Capital Properties has acquired a two-property portfolio for $58.2 million. The assets are Green Tree, a 208-unit garden-style property in Chesapeake, and Emerald Lake, a 132-unit garden-style property about 40 miles south in Elizabeth City. Both communities were developed in the 1990s. The buyer is planning to update approximately 70 percent of the portfolio’s units. Newbrook Capital Properties was co-founded in late 2023 by hedge fund manager Robert Boucai and James Broyer, former president of multifamily investments at JRK Property Holdings. The unnamed seller was represented by Hunter Bowling and Paul Marley of Cushman & Wakefield on the sale of Emerald Lake and by Drew White and Carter Wood of Berkadia on the sale of Green Tree.
Emerald Lake in Elizabeth City, N.C., was one of two properties Newbrook Capital Partners has acquired. The portfolio was 98 percent leased at the time of the sale.
Newbrook Capital Partners Buys Two-Property Portfolio for $58.2 Million
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