The Mayflower Apartments
Virginia Beach - VA
The Mayflower, the first high-rise building in Virginia Beach, is located just one block from the beach. The building features 16 floors and 206 apartments, totaling 15,000 sq ft of space. In addition to residential units, the property also has retail spaces leased to various tenants. With a strong defense industry, boasting a $716 billion budget and driving 5% annual employment and rental growth, the location is in the heart of Virginia Beach's thriving tourism industry, expected to generate $4.3 billion and support over 4,200 jobs.
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Acquisition Data
Purchase Price
Total Acquisition Cost
Total Cost/Unit
Year 0 CAP Rate
$ 43,070,000
$54,338,275
$189,242
5.63%
Return Matrix
Project Level IRR
Equity Multiple
Avg. Cash-On- Cash
21.40%
2.4 X
10.60%
Property Statistics
Net Rentable Area
Avg. Unit Size
Parking Spaces
Size Of Building
242,918 SQ FT
721 SQ FT
227
16 Stories
Investment Thesis
Acquired from an institutional seller, this beachfront high rise property presents a prime rental repositioning opportunity. The property is comprised of 266 apartments and 15,055 SF of highly visible street-level retail space leased to a mix of well-known national and local retail tenants The property will undergo a complete value-add program which is expected to take approx. three and a half years. Upon stabilization the property will be held for approx. three quarters to season the stabilized cash flow and then either refinanced or sold, likely to another institutional buyer.