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Featherstone Partners Floats $36M into Purchase of Virginia Beach Multifamily
Virginia Beach, VA-based Featherstone Partners has completed its $36-million purchase of Royal Pointe Apartments, a 208-unit, garden- and townhome-style asset in Virginia Beach. The property was 98.1% occupied at closing.
Ron Corrao, Eric Liebich and Matt Weinstein of Capstone Apartment Partners facilitated the transaction on behalf of long-term owner Clark-Whitehall Enterprises, which maintained the asset for 18 years.
Featherstone Partners plans to implement upgrades designed to improve the tenant experience, including interior and amenity improvements. Current amenities at Royal Pointe include a swimming pool, fitness center, modern clubhouse, laundry facilities, walking trails, car wash station, and well-manicured courtyards with a pond and community garden.
The 1987-constructed, Royal Pointe is comprised of one- and two-bedroom units ranging from 680–1,130 square feet. Each apartment home features a fully equipped kitchen, washer/dryer connections and a patio or balcony.
- ◦Sale/Acquisition
