The Heritage At Settlers Landing
Hampton - VA
The property is a 4-story garden style apartment community located in a central location, close to downtown Hampton. Heritage at Settlers Landing is a class A investment property that has recently been acquired for $27.65 million. The property is located in Hampton, Virginia, a thriving city with a strong job market driven by the $716 billion defense budget. It is considered a value-add property due to the planned upgrades and the strong rental growth in the area, which is 5% annually.
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Acquisition Data
Purchase Price
Total Acquisition Cost
Total Cost/Unit
Year 0 CAP Rate
$ 27,650,000
$30,604,365
$197,500
4.95%
Return Matrix
Project Level IRR
Equity Multiple
Avg. Cash-On- Cash
24.90%
2.70 X
12.84%
Property Statistics
144,910 SQ FT
140
170
4-Story Garden Style
Net Rentable Area
Number Of Units
Parking Spaces
Size Of Building
Investment Thesis
Acquired from an institutional seller and located at the heart of Hampton Roads, highly accessible to multiple employment centers, retail and entertainment spots, this mid-rise 140 apartments property presents a prime value-add opportunity. The property will undergo a complete value-add program which is expected to take approx. two 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.