Hamilton Zanze has completed the sale of Indigo 19, a 196-unit apartment community in Virginia Beach, Virginia. The firm originally sponsored the acquisition of the property in January 2020, holding the asset through a period of rent growth and constrained new supply in the local multifamily market. While financial details of the transaction were not disclosed, the disposition marks the conclusion of Hamilton Zanze’s investment in the community.
Indigo 19 is located at 1940 Pavilion Drive in Virginia Beach, within walking distance of the city’s oceanfront. The community was built in 2013 and offers one-, two- and three-bedroom floor plans, with an average unit size of 931 square feet. The property’s coastal location positions residents near leisure amenities along the waterfront while still providing access to employment centers across the region.
The property benefits from regional connectivity, sitting roughly 17.3 miles from downtown Norfolk and offering convenient access to Interstate 264 and U.S. Route 58. This transportation network links Indigo 19 to a range of employers and services across the Hampton Roads area, including major military installations and healthcare providers.
During its ownership period, Hamilton Zanze executed a capital improvement program at Indigo 19. The work included maintenance and repairs, fire and life-safety upgrades, HVAC projects, exterior improvements, and sustainability initiatives. These efforts were aimed at maintaining building quality, addressing systems and infrastructure, and enhancing the property’s overall operational profile.
In a statement on the transaction, Anthony Ly, senior director of transactions at Hamilton Zanze, noted that limited new supply and ongoing rent growth have supported the Virginia Beach apartment market. According to Ly, those conditions have created a favorable environment for multifamily investment in the area. Indigo 19’s combination of relatively modern construction, value-add work during the hold period, and proximity to the oceanfront and key transportation routes aligns the community with those market dynamics.
The property is located near several significant regional employers, including Naval Air Station Oceana-Dam Neck, Sentara Healthcare, Joint Expeditionary Base Little Creek-Fort Story, and GEICO. This employment base underpins local housing demand and supports occupancy fundamentals for apartment assets in the surrounding submarket. With the sale of Indigo 19 now completed, Hamilton Zanze has exited its position in the community following a multiyear hold that began with its 2020 sponsorship of the acquisition.
