Virginia Beach Community Trades for $49M

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Virginia Beach Community Trades for $49M

August 23, 2019

Capital Square 1031 has purchased a 229-unit multifamily community in Virginia Beach, Va., from the Runnymede Corp. for $48.6 million. Saltmeadow Bay, located within protected wetlands, was built in 2006 and is situated on 24 acres. A Colliers International team of G.S. Hankins, Will Mathews, Charles Wentworth, Rawles Wilcox, Victoria Pickett and Clay Ellis represented the seller in the deal.

Located at 757 Saltmeadow Bay Drive, the community is spread across four four-story buildings that are about 93 percent occupied and house a mix of one-, two- and three-bedroom units with an average size of 1,195 square feet. Resident amenities at the property include a fitness center, business center, clubhouse, swimming pool, dog park and 290 parking spaces. Apartment interiors feature electric fireplaces, in-unit washers and dryers, stainless steel appliances, granite countertops, walk-in closets and nine-foot ceilings.

Saltmeadow Bay was owned, managed and developed by a local family office. The property features a one-mile hike and bike trail that leads to the Atlantic Ocean and is within the Virginia Beach Oceanfront Resort District, which features a three-mile boardwalk, several resorts, hotels, restaurants, retail and live entertainment.

Capital Square 1031 has been busy snapping up properties in Virginia this year. In March, the company bought Summit at Bon Air Apartments, a 296-unit community in Bon Air, a suburb of Richmond. Earlier this month, the company picked up Misty Ridge, a 409-unit community in Woodbridge, Va., for $80.5 million.

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