PXV Multifamily, in a joint venture with funds managed by Intercontinental Real Estate Corporation, has acquired Indigo 19, a 196-unit apartment community in Virginia Beach, Virginia. The transaction marks PXV Multifamily’s second multifamily investment in the last 60 days, underscoring the firm’s recent expansion activity in the sector.
Indigo 19 is located at 1940 Pavilion Drive in Virginia Beach’s Oceanfront submarket. The mid-rise property, completed in 2013, rises four stories and offers a mix of one-, two-, and three-bedroom apartment homes. Units at the community average 931 square feet, positioning the asset as a modern, full-size multifamily offering within a coastal, infill neighborhood.
The community was reported to be 99 percent leased at the time of closing, indicating strong in-place occupancy and stabilized operations. The acquisition involved PXV Multifamily assuming an existing Freddie Mac loan secured by the property. The loan is fixed-rate debt, and its assumption allowed the buyers to retain existing agency financing on the asset as part of the capital stack.
The property was marketed on behalf of the seller by a Colliers team consisting of Will Mathews, Tommy Leachman, William Dickinson and Mike Kidd. The buyer, PXV Multifamily, was represented in the transaction by Ferrari and Nausha. Following the acquisition, PXV Multifamily has engaged Greystar to provide on-site property management services at Indigo 19, adding a national multifamily operator to the asset’s management structure.
PXV Multifamily’s purchase of Indigo 19 follows its first investment completed in August, when the firm, in a joint venture with Pamera North America, acquired Village on the Green, a 216-unit apartment community in Georgia, for $29,500,000. That earlier transaction established the platform’s initial investment footprint, with the Indigo 19 acquisition extending its reach into Virginia Beach.
With a well-leased, relatively new-vintage property in a coastal submarket and existing agency financing in place, the Indigo 19 transaction reflects ongoing investor interest in stabilized multifamily assets. The involvement of institutional capital and third-party management underscores the continued role of joint ventures and specialized operators in executing multifamily investment strategies.
