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Featherstone Partners Buys $51M Newport News Apartment Community
Northmarq has arranged the $51-million sale of Cottage Grove Apartments in Newport News, VA. The company’s Wink Ewing, Mike Marshall, Matt Straughan and Jared Alcorn represented both the buyer, Featherstone Partners, and the seller, Beachwold Residential.
Northmarq’s Hunter Wood secured acquisition financing of $42.72 million for the property via a bridge loan.
“This opportunity presented a blank canvas with tremendous upside for the buyer as the property was built with great bones and has a neighborhood feel that nearby competitors lack,” said Ewing. “At the time of closing, new leases were seeing 20%+ trade-outs and occupancy was at an all-time high.”
The class C+ multifamily property was originally built in 1948 and renovated in 2009. It contains 112 buildings and 552 units, which works out to a per unit sale price of $92,400
Featherstone has selected Drucker & Falk for property management services.
- ◦Sale/Acquisition
