River Breeze

River Breeze

Newport news, VA
Available
  • Property Type: Apartments
  • Year Built : 1973
  • Property Size: 179,148 SF / 200 Units

Overview

Capstone Apartment Partners is pleased to present River Breeze Apartments: a 1973 vintage, 200-unit garden style apartment community located in Newport News, Virginia. River Breeze has been exceptionally well-maintained and features minimal deferred maintenance as well as attractive one-, two-, and three-bedroom floorplans. Current ownership has renovated 11 units with a moderate renovation package and achieved $175 premiums. Although significant premiums have been achieved, the Newport News submarket strongly supports a luxury value-add program to achieve premiums up to $550, depending on the floorplan. Newport News has seen unprecedented rent growth of 14% year over year as well as a significant influx of capital to the submarket, which has greatly increased the price per door averages and sales volume in the area. With a significant value-add program, minimal deferred maintenance, an excellent location proximate to class-a retail, and a booming submarket, River Breeze is poised for significant rent growth. 

Investment Highlights

  • Significant Value-Add Opportunity
  • Strong Multi-Family Fundamentals in the Newport News Submarket
  • Situated Amongst Major Employers
  • Proximate to Numerous Class A Retail Options

Contact Information

Eric Liebich Investment Sales Advisor P: 248.225.3706
O: 800.746.3175 ext. 730
eric@capstone-companies.com
Ron Corrao Director P: 757.749.6994
O: 800.746.3175 ext. 712
ron@capstone-companies.com
Cole Carns Investment Sales Advisor P: 804.878.1258
O: 800.746.3175 ext. 777
ccarns@capstone-companies.com
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