Rosewood Realty Group has successfully brokered the sale of Renew Little Creek, a 400-unit apartment community located in Norfolk, Virginia. The three-story garden-style complex was built in 1991 and spans over 455,200 rentable square feet. This highly sought-after property was sold for $84 million at an impressive rate of approximately $202.7 per rentable square foot.
The sellers, Croatan Investments and JSB Capital who acquired the property through a joint venture in 2019 were represented by Aaron Jungreis and David Wildes from Rosewood Realty Group. According to Wildes, this is the largest transaction for their National team so far in 2024 and marks their first ever deal closed in Virginia since launching the team back in 2019. With deals now closed across nineteen different states nationwide.
FPA Multifamily emerged as the buyer of Renew Little Creek with plans to assume its existing fixed-rate loan which still has several years remaining at below-market rates. This acquisition adds to FPA’s growing portfolio within Hampton Roads as it becomes their largest asset among five other apartment communities totaling over 1,500 units within this area alone.
This successful sale showcases Rosewood Realty Group’s expertise and strong presence within the real estate market as they continue to facilitate major transactions across various states nationwide without compromising on quality or value for both buyers and sellers alike.
