Marina Point Apartments is a 104-unit multi-family apartment complex located in Chesapeake, Virginia.
In 2020, this Project was purchased for approximately $9,250,000 through a combination of debt financing together with approximately $2,800,000 from a syndicate of 41 private equity investors. Through the application of a “value add” strategy, after 9 months of ownership this Project now has a new estimated assessed value of approximately $11,000,000.
The main “value add” strategy employed in this Project has been renovating the interior quality of units, upgrading and replacing structural items like the roof, and raising newly-renovated unit rents to market value.
As of February 2021, this Project has distributed approximately $84,000 to its investors delivering an annualized return of approximately 6.00%.