Hillside North Apartments

Hillside North Apartments is a 30 unit apartment complex located in Norfolk, Virginia. In 2018, this Project was purchased as part of an 108 unit split site portfolio consisting of 5 separate property development sites, including Hillside South Apartments, 9530 3rd Bay Street, and 2707-9 Azalea Garden Road (see below). The entire property portfolio was purchased for approximately $3,950,000 through a combination of debt financing together with approximately $300,000 from a syndicate of 5 private equity investors for this particular property. The “as-is” appraisal at the time of purchase was $5,500,000. The main “value add” strategy employed in this Project has been renovating the interior quality of units, upgrading or replacing major infrastructure items like the roof and raising renovated unit rents to market value. This Project was recently refinanced to allow the partners to recover most of their invested capital while retaining their equity ownership. Notwithstanding, investor interests in this project are restricted, illiquid and may not be readily sold now or in the foreseeable future.

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