Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present The Geller Associates Portfolio – a trio of properties containing 344 townhomes and flat-style apartments in Newport News, one of the fastest-growing and most sought-after submarkets within the Hampton Roads region. Newport News, in conjunction with the broader Hampton Roads metro area, has experienced a sustained period of economic, population, and employment growth borne out of significant government and government-related private investment in the region. The portfolio allows new investors to enter the market with scale or expand upon an existing presence, and rents at the properties are about $250 to $500 below average market rents for comparable product in the area. This inherent rent growth comes on top of a strong local apartment market that experienced 8.1% year-over-year rent growth in 2022 with 5.5% stabilized vacancy. Furthermore, all three properties carry accretive, assumable agency financing with a below-market fixed interest rate, three years of Interest Only payments remaining, and 10 years of term until maturity. All in all, The Geller Portfolio offers a potent combination of size and scale, rental upside, attractive in-place financing, and desirable locales next to major Newport News employers across the Defense, Manufacturing, Education, and Healthcare industries.
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