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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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