VIRGINIA BEACH, VA - Atlanta-headquartered ARA, the largest privately-held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, announces the sale of Woodshire Apartment Homes, a 288-unit garden-style apartment community in Virginia Beach, Virginia.
ARA Mid-Atlantic-based Principals, Mike Marshall and Drew White; and Richmond/Norfolk, VA-based Broker, Wink Ewing, represented the seller, Chandler Management Corp., a Newport News, VA-based property management company, in this transaction. The property was acquired by Wellington, FL and Bethesda, MD-headquartered The Bainbridge Companies, a fully integrated family of real estate companies engaged in the development, construction, management and acquisition of residential and commercial real estate, as well as a leading owner, developer and manager of luxury multifamily apartment communities in the Eastern United States.
Constructed in 1975 and strategically located less than a mile away from Interstate 264 and near the heart of Virginia Beach Town Center, Woodshire offers residents quick access to the main east-west thoroughfare in the Hampton Roads area, connecting them to the metro’s major employers, restaurants, entertainment venues and the Virginia Beach oceanfront. Also, the Central Virginia Beach submarket where Woodshire is located, is a consistently strong market which will provide a value-add investment opportunity for the new owner. The property sold with an occupancy of 95%.
“Woodshire is the latest in a recent trend of well-positioned B class properties slated for unit interior upgrades around the Hampton Roads MSA,” says Wink Ewing. “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.”
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Mike Marshall at mmarshall@ARAusa.com or 703.575.2152 or Wink Ewing at ewing@ARAusa.com or 703.575.2157.
About ARA: Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.