About Meadow View Townhomes
Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group, as sole representative of the Owner, is pleased to offer Meadow View Townhomes ("The Property"), a large scale value-add workforce housing community in Newport News, VA, one of the Virginia Beach MSA’s best locales. Newport News is experiencing a prolonged economic growth cycle that is derived from increasing levels of federal spending. The Department of Defense budget is set through 2025, creating economic certainty from increased spending while Newport News Shipbuilding is currently carrying a $46.5B backlog with two new contracts worth $25B generating 10,000+ new jobs in the community. This stable economic activity will filter into Class B and C apartment fundamentals in Newport News as the submarket’s rent growth strongly correlates with DoD spending in the region. The submarket’s robust rent growth of 6.2% YoY plus the unemployment rate declining close to pre-pandemic levels demonstrates the strength of the dynamic Hampton roads economy. This organic growth will be sustained moving forward due to economic certainty in the region and enhanced by numerous value-add strategies that are creating certain and significant NOI growth in Year 1. These include interior renovations proving out strong rent increases, recently installed water submeters lowering utility costs and a newly implemented bulk cable/internet prgoram which is gaining significant traction at the property. Significant recent capital expenditures at the Property also limit risk associated with deferred maintenance and allow new ownership to focus on revenue generating items.