VIRGINIA BEACH, VA (July 14, 2025) – Croatan Investments (“Croatan”), a rental housing investment manager serving private wealth and institutional capital, is pleased to announce the sale of Banyan Grove, a 288-unit garden-style apartment community in Virginia Beach, Virginia, on June 27, 2025.
Acquired in 2017 in partnership with BGO, Banyan Grove presented a compelling opportunity to enhance value through physical improvements and operational optimization. Over the course of its nearly eight-year hold, Croatan implemented a focused repositioning strategy designed to improve both the resident experience and asset performance.
The sale is a testament to our ability to reposition assets in strategic markets and drive value through hands-on asset management.
The Croatan Outlook
“Throughout our ownership of Banyan Grove, our team remained disciplined in executing our business plan and maximizing risk-adjusted returns for our investors,” said Paul Van, Chief Executive Officer at Croatan. “The sale is a testament to our ability to reposition assets in strategic markets and drive value through hands-on asset management.”
Value-Add Execution
During the eight-year hold, Croatan renovated a select number of units, as well as enhancing the resident experience by upgrading key amenities, including the clubhouse, fitness center, pool, dog park, and pavilion.
In 2022, the firm returned capital to investors through debt refinancing demonstrating the firm’s ability to drive investment performance and realize meaningful interim returns while maintaining long-term upside potential.
Originally built in 2003, Banyan Grove is well-located in Virginia Beach, VA, minutes from Virginia Beach Town Center and near major military and employment hubs such as Oceana Naval Air Station, Dam Neck Fleet Training, and Naval Amphibious Base Little Creek.
The sale represents a successful conclusion to Croatan’s long-term investment strategy at Banyan Grove and reinforces the firm’s ability to identify, reposition, and realize value in growth-oriented markets. Looking ahead, Croatan will continue to leverage our integrated platform and market expertise to identify attractive multifamily assets and maintain our track record of creating value for our investors.