The Breeze Apartments Portfolio

Closed

Price

$10,850,000

Units

Address

Virginia Beach, VA

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Offering Highlights

High Value-Add Opportunity
HIGH VALUE-ADD OPPORTUNITY
• Ability to capture $150-$200 in rent increases per unit from light value add renovations at over 80% of the units. Seller is achieving these rents on recent lease signings, proving out the business plan.

High Rent Growth Market
HIGH RENT GROWTH MARKET
• Virginia Beach submarket achieved 11.95% rent growth during 2021. Projected rent growth for 2022 is 10.0% and expected to continue to grow. 

Well Maintained Asset
WELL MAINTAINED ASSET
• Over $350,000 ($4,600 per unit) in capex spent in the last 24 Months; Including new parking lots at all properties, structural balcony and rail repairs at Sea Breeze, and unit upgrades throughout.

Quality Existing Tenant Base
QUALITY EXISTING TENANT BASE
• Current and historical collections are 98%+

The Offering

Marcus & Millichap is pleased to present the Offering Memorandum for The Breeze Apartments Portfolio located in Virginia Beach, VA.The Breeze Apartments Portfolio contains seventy-five units total. There are thirty-two one-bedroom, one-bathroom units and forty three two-bedroom, one-bathroom units. The portfolio was constructed between 1975-1984and situated on approximately 3.68 acres.The Portfolio is strategically located near theOceanfront, Chick’s Beach, Joint ExpeditionaryBase Little Creek- Fort Story, and the VirginiaBeach Town Center, which are some of the most sought-after areas of Virginia Beach.