Virginia Beach Firm Acquires 552 Multifamily Units in Newport News, Virginia
VIRGINIA BEACH VA, JANUARY 27, 2022 – Featherstone Partners, through affiliated entities, has acquired Cottage Grove Apartments, a multifamily community in Newport News, Virginia. Wink Ewing and Mike Marshall of Northmarq Capital represented both the seller and buyer in facilitating this transaction. The 552-unit asset is situated directly across from the Huntington-Ingalls Shipyard and is in the immediate vicinity of many other key area employers. Featherstone intends to reposition the asset with enhanced amenities and operational improvements through new management, selecting Drucker & Falk for property management. The company commented on the acquisition, “the employers in Newport News play a major economic role in not only the Hampton Roads region but also on the national defense stage. We are proud to have an asset that the surrounding workforce will call home.” Featherstone plans to continue its pursuit of multifamily assets throughout the Southeastern and Mid-Atlantic United States on behalf of itself and its institutional investment partners.
