PXV Multifamily Acquires 196-Unit Virginia Apartment Community

PXV Multifamily, in joint venture with funds managed by Intercontinental Real Estate Corporation, has acquired Indigo 19, a 196-unit apartment community in Virginia Beach, Virginia, marking its second investment in the past 60 days.   

Located at 1940 Pavilion Drive, Indigo 19 is a mid-rise apartment community in Virginia Beach’s Oceanfront submarket. Built in 2013, the four-story property features a mix of one-, two-, and three-bedroom apartment homes averaging 931 square feet.

The property was marketed on behalf of the seller by a Colliers team of Will Mathews, Tommy Leachman, William Dickinson and Mike Kidd. PXV was represented by Ferrari and Nausha. PXV has engaged Greystar for on-site property management. The acquisition was leveraged with PXV assuming an existing Freddie Mac loan at a fixed interest rate. Indigo 19 was 99 percent leased at closing.
 
In August, PXV, in a joint venture with Pamera North America, made its first investment by acquiring Village on the Green, a 216-unit apartment community in Georgia, for $29.5 million.