“A Riverfront Apartment Community”
Sale Date: May 8, 2018
Sale Price: $17M
Per Unit: $101,190
Acquisition Date: July 2014
Purchase Price: $13M
Value-add Multifamily Opportunity
Built in 1963, The Lafayette is a 168-unit high-rise apartment community composed of one, two and three-bedroom apartment homes located in the heart of Norfolk.
IMG spent over $1.1M on a capital improvements program, which added substantial value to this 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.
One significant improvement to note was the $30,000 relocation of the leasing office from the rear of the building to the entrance, while simultaneously creating a tenant lounge in the former leasing office space. This facilitated a more natural flow throughout first floor for current and future residents.
Location – Coastal Virginia
The Lafayette is located in Norfolk, Virginia close to Old Dominion University near two of the most trafficked corridors in Norfolk, I-264 and I-64. This area lies within the Norfolk-Newport News-Virginia Beach MSA (Hampton Roads MSA), which includes fourteen Virginia municipalities plus Currituck County, North Carolina.