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Click Here for Offering Materials: Hickory Point Townhomes

Capstone Apartments Partners is pleased to present Hickory Point Townhomes: a 175-unit, townhome-style community located in Newport News, Virginia. Hickory Point offers an extremely well-maintained asset that benefits from significant recent capex and an in-place value-add program. As a testament to current ownership, the property has maintained an average 95%+ occupancy rate and a 60% lease renewal rate over the last couple of years; providing an excellent foundation for new ownership. With most of the heavy lifting complete and the opportunity to implement a moderate value-add program available, incoming investors can immediately focus on driving NOI growth by building on previously completed mid-tier renovations and enhancing both the interior and community features, driving further value for tenants.

Existing Value Propositions:

Desirable Large Townhome Units
Value-Add Opportunity—$100 Rent Premiums with Mid-Tier Renovations
Convenient Access to Major Roadways, Retail, and Restaurants
Diverse and Expanding Job Market

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Recent Capstone Closing: 2015 Garden-Style, 249 Units in Burlington, NC

Capstone recently facilitated the sale of Retreat at the Park: a 2015 garden-style asset situated between the Research Triangle and NC Triad. This 249-unit asset is located in Burlington, NC and was approximately 98% occupied at the time of closing. The transaction was led by Capstone’s Caleb Troop, Ron Corrao, and Alex McDermott.

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Apr

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