The Lafayette, A Riverfront Apartment Community in Norfolk, Virginia
Built in 1963, The Lafayette is a 168-unit high-rise apartment community composed of one, two and three-bedroom apartment homes. It is located in the heart of Norfolk and close to Old Dominion University near two of the most trafficked corridors in Norfolk, I-264 and I-64.
IMG spent over $1.1M on a capital improvements program, which added substantial value to this 1963 vintage property. A new, front entrance leasing office plus a new resident lounge was created. IMG completed renovations of over 40 units and achieved rental premiums.
Sale Date: May 8, 2018
Sale Price: $17M
Per Unit: $101,190
Acquisition Date: July 2014
Purchase Price: $13M