Rosewood Realty Group, a leading real estate brokerage firm, recently facilitated the sale of Renew Little Creek in Norfolk, Virginia for $84 million. The 400-unit apartment community was sold for approximately $202.7 per rentable square foot and is now the largest asset in FPA Multifamily’s Hampton Roads portfolio.
The three-story garden-style complex, which spans over 455,200 rentable square feet and was built in 1991, was represented by Aaron Jungreis and David Wildes of Rosewood Realty Group. The sellers were Croatan Investments and JSB Capital who acquired the property through a joint venture back in 2019.
According to Wildes from Rosewood Realty Group: “This transaction marks our National team’s largest deal so far this year as well as our first ever sale in Virginia.” He also added that their team has successfully closed deals across nineteen different states since its launch back in 2019.
FPA Multifamily purchased Renew Little Creek with an existing fixed-rate loan on the property at a below-market rate with several years remaining. This acquisition adds to FPA’s growing portfolio of properties within Hampton Roads area which now includes six apartment communities totaling over 1,500 units.
