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Tuesday, May 22, 2012 Multi-Family
The Myrtles at Old Towne is a 246-unit apartment complex purchased from The Myrtles at Olde Towne, LLC for $36 million. Built between 2004 and 2005, the property is located at 850 Crawford Parkway. The 221,000 square foot property contains six three-story buildings on 10 acres and was 89 percent occupied at the time of sale. The Heights at Olde Towne is a 148-unit multi-family property purchased from Fort Nelson Apartments, LLC for $17 million. Located at 303 Effingham St., the apartment complex contains 118,000 square feet on 3.75 acres and was built in 1972. It is comprised of two, eight-story buildings with a unit mix of one, two and three-bedroom apartments. It was 94 percent occupied at the time of sale. Both acquisition were financed through loans from Freddie Mac, Wachovia and NNN Realty Advisors. Portsmouth is located approximately three miles south of Norfolk, has a population of 100,565 and is home to the Norfolk Naval Shipyard. Address: The Myrtles at Old Towne at 850 Crawford Parkway, Portsmouth, Va. The Heights at Old Towne at 303 Effingham St., Portsmouth, Va Size: 394 units Built: 2004-2005, 1972 Filed Under: Multi-Family E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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