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Rosewood Realty Arranges Norfolk $84M Apt Sale
Rosewood Realty Group has brokered the sale of Renew Little Creek, a 400-unit apartment community in Norfolk, Virginia, for $84 million. The three-story garden-style complex, built in 1991 and comprising 455,200 rentable square feet, sold for approximately $202.7 per rentable square foot.
Aaron Jungreis and David Wildes of Rosewood represented the sellers, Croatan Investments and JSB Capital, who acquired the property through a joint venture in 2019. “This is the largest transaction for our National team in 2024 so far, and our first ever in Virginia,” said Wildes. “We have now closed deals in nineteen different states since we launched the team in 2019.”
The buyer, FPA Multifamily, assumed the existing fixed-rate loan on the property, which has several years remaining at a below-market rate. Renew Little Creek is now the largest asset in FPA’s Hampton Roads portfolio, which includes five other apartment communities, totaling over 1,500 units in the area.
- ◦Financing
