Croatan Investments purchased Park Crescent Apartments from Gumenick Properties. Located in Norfolk, Virginia, the 400-unit community was built in two phases. The first phase of 288 units was originally constructed in 1991 by Gumenick and has mostly original interior finishes. The second phase of 112 units includes new Class A amenities featuring a resort-style saltwater pool, clubhouse, and a large fitness center constructed in 2012. Croatan intends to perform a value-add renovation to phase one unit interiors.
Centrally located in Virginia’s second largest city, Park Crescent is in close proximity to I-64, Norfolk International Airport, and Naval Station Norfolk, the world’s largest Naval Base. The immediate submarket has experienced significant growth with the recently completed development of Simon Premium Outlets, a 332,000 sf shopping complex, and the construction of a 331,000 sf IKEA with an expected delivery date in Spring 2019.
Hank Hankins and Victoria Pickett of Colliers International and Jonathan Greenberg of CBRE Washington, D.C. represented the Seller in the transaction.
About Croatan Investments
Croatan Investments is a privately-held investment firm focused on multifamily real estate. The company pursues investments with excellent intrinsic value with the goal of creating and preserving the wealth of its investors. Croatan is headquartered in Virginia Beach, Virginia with operations in Atlanta, Austin, and Singapore.
Croatan Investments utilizes the extensive experience and market knowledge of its team to opportunistically invest across each stage of the market cycle. With a seasoned team of real estate, construction, and project management professionals, Croatan pursues investments with its network of high-net-worth investors and institutional partners.
The Croatan portfolio currently includes multifamily assets across the Mid-Atlantic and Sun Belt.