Legacy Capital Partners and Fulton Peak Capital have acquired Water's Edge Apartments, a 190-unit apartment community in Norfolk, Va.
Water's Edge was built in 1986 and has benefited from stable, long-term ownership that managed to a high occupancy and took care of maintenance needs at the property. Legacy and Fulton will continue to improve the property with a capital budget that will modernize the interiors of the units with vinyl plank flooring, granite countertops, new fixtures, lighting and vanities, washer/dryers and stainless-steel appliances. The exteriors and common areas will be updated to enhance appeal and the joint venture will be making environmentally friendly upgrades to the property, including LED lighting, smart thermostats and new showerheads and faucets.
Norfolk is home to the nation's largest Navy base, a major economic contributor to the region. The property is also located near one of the hospitals in the Sentara Leigh hospital system.
