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Two garden-style apartment communities, totaling 504 units, and centrally located in Newport News, Virginia, provide investors with the unique opportunity to acquire the assets as a portfolio or individually. They are offered free and clear yielding leveraged IRR's approaching 25% and average leveraged cash-on-cash returns in the high teens. Both Properties provide direct access to the Virginia Port Authority, numerous military bases, and extensive retail due to their central location along Jefferson Avenue and Warwick Boulevard. During the past two years, approximately USD 2.5 million in capital improvements have resulted in improved curb appeal, operational efficiencies, and continued increases in NOI. The Virginia Peninsula is home to nine major military bases and approximately 100,000 military personnel that provide extensive demand for quality rental product. Year-over-year employment growth in the region has been positive for the past 13 consecutive months and the regional unemployment rate has fallen 100 bps since year-end 2011. Should you wish to receive more information on this investment opportunity, please contact us at acm@ap.jll.com
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