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Washington DC & Mid-Atlantic  + DC Metro  + Apartments  |  November 19, 2021
Coastline Apartments in Virginia Beach, VA
Lisa McDuffie
By: Lisa McDuffie

Northmarq Arranges Record-Breaking $99M Multifamily Sale in Virginia Beach

Northmarq has arranged the $98.5-million sale of Coastline Apartments in Virginia Beach, VA. According to the company, the transaction represents the largest single-property multifamily transfer in Hampton Roads based on total price.

Northmarq’s Richmond investment sales team of Wink Ewing, managing director; Mike Marshall, managing director; Matt Straughan, associate; and Jared Alcorn, analyst, represented the seller, Blackfin Real Estate Investors in a joint venture with GMF Capital, in the transaction.

The 600-unit/75-building, Class B, garden-style multifamily complex (built in 1970 and last renovated in 2019) is located on 36 acres near the Virginia Beach Town Center in the heart of Virginia Beach. It offers access to interstate I-264 and I-64 and nearby public transportation. Downtown Norfolk, Portsmouth and the Oceanfront are a 15-minute drive away.

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About Lisa McDuffie

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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