Virginia Beach Firm Purchases Asset in Infill VB Location
VIRGINIA BEACH VA, NOVEMBER 7, 2022 – Featherstone Partners, through affiliated entities, has acquired Royal Pointe Apartments, a multifamily community in Virginia Beach, Virginia. The property was acquired in transaction facilitated by Ron Carrao of Capstone, who represented the buyer and seller. The acquisition was capitalized in partnership with M Group Capital.
The 1987 built 208-unit asset adds to Featherstone’s portfolio and expands their presence in the Hampton Roads market. Royal Pointe is located in a highly sought-after infill location in the heart of Virginia Beach and features access to many of the area’s top employers. Featherstone intends to perform modest renovations to unit interiors, add amenities to the property, and make improvements to the exterior curb appeal. The company commented on the acquisition, “the current market environment has been forcing many operators like ourselves to hit the pause button. When we came across this listing, we knew its potential and how it could be a hedge against market headwinds for our investment partners. We are excited to continue to grow the Featherstone portfolio and have another Hampton Roads asset be a part of that growth.” Featherstone has selected The Franklin Johnston Group as property manager.
Featherstone Partners plans to continue to acquire assets strategically throughout the Southeastern and Mid-Atlantic United States on behalf of itself and its institutional investment partners.