$24M Takes Newport News Multifamily

(Read more on the multifamily market.)

NEWPORT NEWS, VA-An affiliate of Norfolk-based Harbor Group International LLC has sold a 208-unit multifamily property here for $24.1 million, two-and-a-half years after it acquired the property for $17.9 million. The 22-year-old Jefferson Point Apartments was sold to an affiliate of AEW Capital Management. Andrew Boyer and Dan Johnson of CB Richard Ellis represented Harbor Group both in this transaction and when the company acquired the property in March 2005.

“The price differential says volumes about values in this market and, at $115,865 per door, is a major record setter in price per unit for a property of this age,” Johnson tells Globest.com. He adds the deal also is a reflection of the growing interest by institutional investors in such markets as Newport News.