The Attain Downtown East in Norfolk, Virginia, traded in November in the priciest non-portfolio multifamily deal in the market last year.
The sale underscores investors' continued interest in properties in prime locations with high-end amenities despite rising interest rates and general economic uncertainty. In recognition, the deal earned a 2024 CoStar Impact Award for sale of the year in Hampton Roads, as judged by an independent panel of local industry professionals.
Northern Virginia's Bonaventure paid $42 million for the 121-unit complex that sits minutes from shopping, dining, entertainment, sports and performance venues in downtown Norfolk.
At roughly $347,100 per unit, the sale also registered the highest per-unit price for an apartment complex with at least 100 units in the Hampton Roads region in 2023, according to CoStar data.
“The Hampton Roads market continues to be resilient during this turbulent period,” said David Hudgins, a senior director with Berkadia. “The multifamily market has historically overcome recessions and currently high interest rates cycle due to the low unemployment and strong rental growth. Investors should continue to seek assets in this market for both short- and long-term returns.”
About the Project: Developed by S.L. Nusbaum Realty Co. as the Monticello Station apartments, the five-story mid-rise consists of one- to four-bedroom floor plans with amenities that include a saltwater pool with loungers, 24-hour fitness center, resident clubroom with catering kitchen, electric vehicle charging stations, tanning room and billiards room. It is close to grocery stores, including Aldi and Harris Teeter, restaurants such as The Twisted Crab and The Grilled Cheese Bistro, and local highlights like the Virginia Zoo and the Neon District. The property also has 33,000 square feet of ground-floor retail space home to Buffalo Wild Wings, 7-Eleven and Sushi King.
What the Judges Said: The sale's impact on downtown Norfolk is significant, said Ken Kahn, dean of the Strome College of Business and a professor at Old Dominion University. "Maintaining vibrant living space will help the continued economic development of Norfolk."
They Made It Happen: David Hudgins of Berkadia brokered the sale.
CoStar Market Manager Christian Taylor contributed to this report.