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7004 Northgate Dr, Norfolk, VA 23513
Units
Year Built
Acquired
Sold
In 2018, we acquired Timbers Townhomes, a 103-unit multifamily property located in Norfolk, VA, for $7.12 million. At acquisition, the property was underperforming with approximately 80% occupancy, average effective rents of ~$1,200/unit. Our objective was to reposition the asset through a comprehensive value-add strategy focused on both physical improvements and operational efficiencies.
Purchase Price:
$7.12M
Occupancy:
80%
Average Rent:
$1,200/month
Sale Price:
$15.5M
Occupancy:
95%
Average Rent:
$1,450/month
Strategic improvements across operations and physical assets
Operational Enhancements
Capital Improvements
Total CapEx:
$1.1M
Disciplined execution delivering exceptional returns
The Timbers Townhomes project exemplifies our disciplined approach to multifamily value-add investing. Through strategic capital deployment and operational enhancements, we successfully repositioned the asset, improved tenant experience, and maximized value. We are confident in our ability to replicate this success on future acquisitions.
Rent Growth
Occupancy Improvement
Asset Appreciation
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