{"id":1004109811,"date":"2014-12-18T14:45:44","date_gmt":"2014-12-18T22:45:44","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=313551"},"modified":"2020-04-06T20:53:25","modified_gmt":"2020-04-07T04:53:25","slug":"s-l-nusbaum-buys-virginia-beach-m-f-complex-for-24-7m-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/s-l-nusbaum-buys-virginia-beach-m-f-complex-for-24-7m-2\/","title":{"rendered":"S.L. Nusbaum Buys Virginia Beach M-F Complex For $24.7M"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

\"\"<\/a>In a $24.7 million transaction, S.L. Nusbaum Realty Co. has acquired Bancroft Hall Apartments in Virginia Beach from Harbor Group International L.L.C.<\/p>\n

Located at 1031 Essex Court, the complex was built between 1968 and 1972. Bancroft Hall offers 244 one-, two-, and three-bedroom apartments, as well as townhomes. Community amenities include a dog park, swimming pool, newly remodeled fitness center, playground and a media room with WiFi.<\/p>\n

CBRE|Hampton Roads represented the seller in the transaction. The team included Dan Johnson, a senior vice president, and Hank Hankins, a first vice president. \u201cThis is a classic value-add scenario,\u201d Johnson said in a statement. \u201cBancroft Hall is an older property in an A+ location where the property stands to be improved dramatically by the interior renovations that S.L. Nusbaum is planning.\u201d According to CBRE, the S.L. Nusbaum plans to renovate the property.<\/p>\n

Bancroft Hall is the second large Virginia Beach apartment complex to change hands in the past month. Chandler Management Co. of Newport News sold the Woodshire Apartment Homes<\/em><\/a> to the Bainbridge Cos., for $33.65 million. ARA Real Estate Investment Services arranged the deal on behalf of the seller.<\/p>\n

Woodshire Apartment Homes was constructed in 1975, close to the Virginia Beach Town Center. It is a Class B apartment complex, with 288 units. At the time of the sale, the property was 95 percent occupied. It too will undergo renovation.<\/p>\n

Photo courtesy of <\/em>CBRE<\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A Virginia Beach apartment complex changed hands this month in a $24.7 million transaction. Harbor Group International sold the Bancroft Hall Apartments to S.L. Nusbaum.<\/p>\n","protected":false},"author":925,"featured_media":1004507270,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[],"class_list":["post-1004109811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-richmond-hampton-roads"],"acf":[],"yoast_head":"\nS.L. 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