This 104-unit multifamily community sold for $12.8 million on July 12, 2022. Justin Ferguson, Altay Uzun, Theo Jolley and David Chae represented the seller Valore, an Israel-based investment fund, and secured the buyer, Cleghorn Capital. Valore acquired the property in 2017, stabilized and renovated the asset, achieved significant rent growth and exited at a three-times multiple on their initial investment. The buyer obtained a stabilized asset with substantial upside from organic rent growth and interior upgrades.

Built in 1964 and renovated in 1999, Valore at Southern Park spans 104,944 square feet across three two-story buildings on 5.04 acres. Located at 7922 Old Ocean View Road in Norfolk, the community sits just a short drive from the Chesapeake Bay and Ocean View Beach and within eight miles of downtown Norfolk and 11 miles of Virginia Beach’s town center. Residents benefit from easy access to interstates I-64, I-564 and I-264 and the Hampton Roads Bridge Tunnel, strong employment hubs, and a growing renter base fueled by military installations and nearby Old Dominion University.

The transaction underscores the continued demand for value-add multifamily assets in the Hampton Roads market and highlights the strength of well-located, renovated communities with room for further rent growth.

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• Sale Price: $12,800,000
• Units: 104 across three two-story buildings on 5.04 acres
• Year Built / Renovated: 1964 / 1999
• Buyer: Cleghorn Capital
• Key Features: Waterfront location near Chesapeake Bay & Ocean View Beach; quick access to I-64, I-564, I-264 & Hampton Roads Bridge Tunnel; minutes to Naval Station Norfolk, ODU & Norfolk International Airport
• Value-Add Potential: Below-market rents (~$801 vs. market ~$1,095); opportunities for stainless-steel appliances, luxury vinyl plank flooring & in-unit laundry

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