Ramblewood Tumbles into New Portfolio in $16M Deal

NORFOLK, VA-With the assistance of both the Phoenix and Norfolk offices of CB Richard Ellis, Denver-based REIT Aimco has sold Ramblewood–a 300-unit apartment building–to commercial and apartment acquisition and management firm Great Atlantic of Virginia Beach, VA. With a location off I-64 near the Norfolk International Airport and Norfolk Navy Base, the multifamily property maintains a consistent occupancy level of over 95%.

Ramblewood is a 300,000-sf garden-style apartment community that got its beginnings in 1974, and saw construction come to an end in 1978. The property’s impressive sales price can be partially attributed to the tight apartment market in almost every region of Northern Virginia where, according to Delta Associates’ Year-End 2003 Apartment & Condominium Report, stabilized vacancy rates for garden-style apartments are at a low 3% for class A, and 3.6% for class B. The new owner is reportedly planning to hold on to the property for the long-term.