A 250-unit apartment complex at 827 41st. St. in Newport News sold for $4.8 million, commercial real estate investment firm Marcus & Millichap announced.
The seller was a private investor and the buyer is a private equity firm, according to a news release.
Christopher Chadwick, first vice president investments in Marcus & Millichap’s Washington, D.C. office, said the new owner could increase occupancy and garner higher rents by continuing capital improvements at the Soundview complex.
“Our client utilized four percent low income housing tax credits issued by the Virginia Housing Development Authority (VHDA) in financing the transaction,” Chadwick added.