CHESAPEAKE, VA-Just two years after its development, the Alta Bay Apartments community has gotten a new owner in a recent deal valued at nearly $31 million. With the assistance of the Apartment Group, a division of real estate services firm Cushman & Wakefield, GrayCo Inc. sold the 240-unit property in the Hampton Roads for $128,600 per unit. The buyer was Archon Group LP, which acted on behalf of GS 2002 Core Plus Real Estate Income Fund LP.

Located on a 15-acre parcel near the intersection of Gainsborough Square and Kingsborough Square just off I-64, Alta Bay is a class A property with all the class A amenities. The multifamily complex features a clubhouse, fitness facility, swimming pool, business center and car care center. While the newness of the property and its high quality make it a solid investment, the status of the Hampton Roads submarket is probably the most attractive feature.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.