Croatan Investments and its joint venture partner Harbert Management Corporation announce the sale of Springhouse Apartments in Newport News, VA.
Springhouse Apartments is a 432-unit, garden style community built 1985. The property is within close proximity to the world-class and state-of-the-art Jefferson Lab, as well as Newport News’ bustling “new downtown” City Center at Oyster Point, Joint Base Langley-Eustis, and the sprawling Tech Center campus. The current $716 billion defense budget is driving exceptional employment and rental growth of 5% annually within the sub-market. New multi-billion, multi-year aircraft carrier and submarine contracts are leading to thousands of new jobs and robust infrastructure development.
Croatan and Harbert purchased the asset in 2016. Over the past three years, they completed extensive renovations to unit interiors along with improvements to the clubhouse, building exteriors, common areas, and community amenities.
Croatan and Harbert extend their appreciation to the team at Newmark Knight Frank for their representation in the sale.
About Croatan Investments
Croatan Investments is a privately-held investment firm specializing in multifamily real estate. The company pursues investments that it believes have excellent intrinsic value with the goal of creating and preserving the wealth of its high-net-worth investors and institutional partners.
With a seasoned team of real estate, construction, and project management professionals, Croatan seeks to combine multifamily asset experience and market knowledge to opportunistically invest across each stage of the market cycle.
Croatan is headquartered in Virginia Beach with team members located in Atlanta, Austin, and Singapore. The Croatan portfolio currently includes multifamily assets across the Mid-Atlantic and Sun Belt.
Croatan Investments is a certified minority-owned company.
For more information about Croatan Investments, please visit www.croatan.com.