Red Oak Capital Holdings, LLC has provided $1.5 million for the acquisition and repositioning of 32 Fenner Apartments, a 32-unit garden-style community located in Norfolk, Virginia.

Previously used for government housing, the vacant property consists of 32 one- and two-bedroom units contained in three two-story buildings located at 7428 Tidewater Drive. The borrower, Community Investment Group, acquired the asset on a discounted basis from the City of Norfolk and plans a full renovation. The multifamily investment firm currently owns 28 communities with nearly 3,500 units across Virginia, Georgia, North Carolina, and Tennessee, valued at approximately $164 million.

Plans call for new flooring, appliances, drywall repairs, paint, and updated lighting. Exterior improvements will include roof and gutter repairs, masonry work, parking lot resurfacing, landscaping, and the addition of security features and a new playground. Upon stabilization, the borrower plans to exit the Red Oak loan through a permanent bank refinance.