Spring Creek Apartments

62 Units With Proven Value-Add In Supply-Constrained Norfolk, VA

Colliers is pleased to present Spring Creek, a 62-unit garden-style community with proven value-add upside in supply-constrained Norfolk, VA. Currently 94% occupied, Spring Creek is positioned to leverage strong apartment demand, limited new supply, and proximity to the region’s largest employment anchors, including Naval Station Norfolk, Sentara Healthcare, Hungtington Ingalls, Old Dominion University, and multiple major medical centers.

The upside potential at Spring Creek is still largely untapped. 57 units (92%) are unrenovated and feature oak cabinets, tile flooring, and white appliances. Five units were recently renovated with modern white cabinets, granite countertops, hardwood-style flooring, and stainless steel appliances to achieve rents nearly $250/unit above unrenovated units. Renovating the remaining 57 units to the existing renovation standard presents an opportunity to unlock more than $163,000 in additional annual revenue, with nearby comparable properties demonstrating potential for even greater rent growth. Located only one mile away, Verve 261 was built in 1943 and is renovating units with modern cabinets, upscale LVP flooring, quartz countertops, new hardware, subway-tile backsplashes, and stainless steel appliances to achieve average rents more than $900/unit above Spring Creek.

Positioned next to Harris Teeter, Walmart, Target and the intersection of critical transportation arteries I-64 and I-564, Spring Creek offers residents easy access to popular retail and the largest employers in the region. Naval Station Norfolk (58,000+ personnel, 13,400 civilian jobs, & 5,500 contractors), Sentara Norfolk General Hospital (4,000+ jobs), and Old Dominion University (4,000 jobs) are all within 15 minutes of the property. New ownership will be able to leverage strong rental demand, no new supply, and outstanding rent growth projections to strategically time value-add improvements, capitalize on below-market rents, and drive top-line revenue growth.

94% Occupied