Virginia

Choice-Neighborhood-V-Newport-News
Affordable HousingDevelopmentNewsSoutheastVirginia

Pennrose, Partners Break Ground on Final Phase of $120M Newport News Redevelopment

by Lynn Peisner

NEWPORT NEWS, VA. — Construction has begun on the fifth and final phase of the Marshall-Ridley Choice Neighborhood Initiative (CNI) in Newport News. Ridley Place was public housing originally built in 1954 on approximately 18 acres. That community is now being replaced through the CNI, which is a HUD-backed redevelopment plan focused on mixed-income housing, resident services and broader neighborhood investment. Across the phases, Marshall-Ridley CNI leaders leveraged more than $120 million in housing investment. Pennrose’s Phase V, located at 2815 Washington Ave., will add 73 mixed-income units, amenities and …

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Attain-at-Greenbrier-Chesapeake
DevelopmentNewsSoutheastVirginia

Bonaventure Breaks Ground on $74.5M Project in Chesapeake, Virginia

by Lynn Peisner

CHESAPEAKE, VA. — Bonaventure has broken ground on Attain at Greenbrier, a 268-unit community in Chesapeake’s Greenbrier submarket. The $74.5 million development is part of the Alexandria, Virginia-based investment and development firm’s Attain portfolio. Delivery is slated for late 2027. The site, previously home to a commercial call center, was acquired and rezoned by Bonaventure in 2022. The Greenbrier community will consist of three four-story buildings containing a mix of one-, two- and three-bedroom units averaging 1,037 square feet. Marlyn Development Corp. is serving as the general contractor, RBA is …

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The-Flats-at-Legacy-Poquoson
Investment SalesNewsSoutheastVirginia

Franklin Group Sells The Flats at Legacy in Poquoson, Virginia for $52.5M

by Lynn Peisner

POQUOSON, VA. — Berkadia has arranged the $52.5 million sale of The Flats at Legacy, a 176-unit community in Poquoson, a city in the Hampton Roads region of Virginia. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia Richmond led the transaction on behalf of the seller, Franklin Group of Virginia Beach, Virginia. Utah-based Ceifa Capital acquired the property in a transaction that closed on May 29. Completed in 2024, The Flats at Legacy is located on 24 acres at 200 Big Woods Drive. The property comprises 176 …

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River-Oaks-Norfolk
Investment SalesNewsSoutheastVirginia

Greysteel Brokers $10M Sale of River Oaks in Norfolk, Virginia

by Lynn Peisner

NORFOLK, VA. — Greysteel has brokered the sale of River Oaks Apartments in Norfolk. The 100-unit community sold to a Virginia-based private investor for $10 million. Located at 1464 Gabriel Drive, River Oaks consists of one- and two-bedroom apartments. Greysteel secured an acquisition loan that included capital expenditure funding for future renovations.

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Hunters-Branch-Fairfax
DevelopmentNewsNortheastVirginiaWashington, D.C.

Insight Property Groups Starts $174M Apartment Phase of Northern Virginia Office Redevelopment

by Lynn Peisner

FAIRFAX, VA. — Locally based Insight Property Group has begun construction of a 452-unit apartment community on the site of the former Hunters Branch office complex in Fairfax, 20 miles west of Washington, D.C. The Hunters Branch site is home to two vacant office towers totaling 400,000 square feet. Insight acquired the site for $28.9 million in a real estate owned (REO) transaction in November 2024. In March of this year, Insight sold a portion of the Hunters Branch property to Toll Brothers for $17 million. Toll Brothers will demolish …

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The-River-Chester
DevelopmentNewsSoutheastVirginia

Emerson Cos., Philip Roper Open The River Apartments in Chester, Virginia

by Lynn Peisner

CHESTER, VA. — Emerson Cos. and Philip Roper have opened the The River Apartments, consisting of 201 one-, two- and three-bedroom units in Chester, approximately 16 miles south of Richmond. The project team also included 2PA as architect, Highmark Engineering as civil engineer, KBS as general contractor and Focus Design as interior designer. Cite Design was the landscape architect, and Burke & Herbert Bank provided construction financing. Capital Square Living, a subsidiary of Capital Square, is the property manager. Amenities at the community include a saltwater pool, fitness center, grilling …

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Bains-Pointe-Portmouth
Affordable HousingDevelopmentNewsSoutheastVirginia

Woda Cooper Opens Bains Pointe, An Affordable Community in Portsmouth, Virginia

by Lynn Peisner

PORTSMOUTH, VA. — Woda Cooper Cos. has opened Bains Pointe, a 50-unit affordable housing community in Portsmouth, about three miles west of Norfolk, Virginia. The property includes 39 two-bedroom apartments and 11 three-bedroom units reserved for renters earning between 30 and 80 percent of area median income. Some units are specifically for residents who are developmentally disabled and served by partner STOP Inc., a Hampton Roads, Virginia-based nonprofit that offers supportive services to lower-income individuals and veterans. Some units at Bains Pointe were also designed to serve people with mobility …

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Allure-at-Edinburgh-Chesapeake
Investment SalesNewsSoutheastVirginia

Berkadia Arranges Sale of Allure at Edinburgh in Chesapeake, Virginia

by Lynn Peisner

CHESAPEAKE, VA. — Berkadia has arranged the sale of Allure at Edinburgh, a 280-unit property in Chesapeake. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia Richmond led the transaction on behalf of the seller, Virginia Beach-based Venture Realty Group. Passco Cos. of Irvine, California, acquired the property for an undisclosed price in a transaction that closed on April 30. Arlington Properties will assume control of property management at Allure at Edinburgh. Located at 249 Allure Lane, the project was developed in two phases in 2024 and 2025. …

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Bradford-Manor-Apartments-Richmond
Investment SalesNewsSoutheastVirginia

Bradford Manor in Richmond, Virginia, Trades for $4.2M

by Lynn Peisner

RICHMOND, VA. — Marcus & Millichap has arranged the $4.2 million sale of Bradford Manor Apartments in Richmond. Neither party to the transaction was named. Bradford Manor Apartments, located at 2027 Fairfield Ave., was built in 1970 and consists of 56 two-bedroom, two-bath units. Marcus & Millichap’s Kristina Ermyakina led the transaction.

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Royal-Pointe-Virginia-Beach
Investment SalesNewsSoutheastVirginia

Bonaventure Buys Royal Pointe Apartments in Virginia Beach for $39.5M

by Lynn Peisner

VIRGINIA BEACH, VA. — Bonaventure has acquired Royal Pointe Apartments in Virginia Beach for $39.5 million. The purchase of the 208-unit property was completed through Bonaventure Multifamily Income Trust (BMIT) and incorporated a combination of tax-saving structures, including a partial 1031 exchange and a 721 exchange (UPREIT). Bonaventure worked with Greystone to assume the property’s existing financing as part of the acquisition. The seller was not specifically disclosed, but Featherstone acquired the property in 2022. Royal Pointe Apartments was built in 1987. Bonaventure plans to execute a series of enhancements …

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