Newbrook Capital Properties, a private multifamily investment firm, has acquired a 1990s vintage two-property portfolio totaling 340 units in the Norfolk, Va., metropolitan area for $58.2 million. The acquisition includes Green Tree, a 208-unit garden-style community located at 749 Green Tree Circle in Chesapeake, Va., and Emerald Lake, a 132-unit garden-style property situated approximately 40 minutes south at 1500 Emerald Lake Circle in Elizabeth City, N.C.
The portfolio was 98 percent occupied at closing, reflecting strong leasing fundamentals. Building on the positive performance, Newbrook has identified a compelling value-add opportunity to renovate approximately 70 percent of the unit interiors, which largely feature original finishes. StoneCreek has been engaged to provide professional property management services to enhance operations, elevate the resident experience and drive long-term efficiencies for Newbrook.
The Norfolk Metropolitan Area benefits from a co
