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Newport News Multifamily Trades for $15M

NEWPORT NEWS, VA-TVO River Park Partners sells the 184-unit building to Berkshire Property Advisors.

By Erika Morphy | Updated on December 20, 2006

(To read more on the multifamily market, click here.)

NEWPORT NEWS, VA-Texas based TVO River Park Partners LP has sold its sole holding here to Boston-based Berkshire Property Advisors for $14.7 million. The multifamily property, called River Park Tower, is a 184-unit, 19-story building located Downtown.

The building, which was built in 1984, consists of one, two and three-bedroom units that range in size from 700 sf to 2,016 sf and was 92.5% occupied when the sale closed. Located at 2601 West Ave., the property is near the Northrup Grumman Newport News Shipyard and the Monitor-Merrimac Bridge Tunnel.

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