Greysteel Brokers $10M Sale, Financing of Norfolk Apartments

Greysteel completed the $10 million sale and financing of River Oaks Apartments, a 100-unit apartment community in Norfolk, Virginia, to a local private investor.

River Oaks Apartments, located at 1464 Gabriel Drive, consists of one- and two-bedroom flats. Greysteel’s investment sales team identified 30-35% rental upside through renovations, while the firm’s debt and structured finance team secured an acquisition loan that included capital expenditure funding for future renovations.

“River Oaks is primed for a large-scale value-add program with all 100 units being the same size and layout, allowing renovations to be done at scale, and materials to be sourced with economies of scale,” said Otto Snell, senior director for the Mid-Atlantic multifamily sales team at Greysteel and the lead advisor on the transaction. Greysteel’s debt and structured finance team, led by Jack Whitman, senior associate, identified significant promise in the buyer’s local, experienced profile.