Croatan Investments Announces Sale of Park Crescent Apartments

VIRGINIA BEACH, VA (May 23, 2024) – Croatan Investments (“Croatan”), a rental housing investment manager for private wealth and institutional capital, is pleased to announce the sale of Park Crescent, a 400 unit garden style apartment community located in Norfolk, Virginia.

We’ve taken pride in executing our business plan and have achieved our goal in adding value to this property.

The Croatan Outlook

“During the five years our team has owned Park Crescent, we’ve taken pride in executing our business plan and have achieved our goal in adding value to this property,” said CEO Paul Van. “We were able to obtain favorable pricing despite the recent market downturn given the attractive assumable loan. As we near a market bottom, we look forward to exciting opportunities to expand our portfolio.”

Park Crescent is a 400-unit garden apartment located in Norfolk, Virginia

Value-Add Execution

This value-add property was purchased by Croatan in January 2019 with joint venture partner JSB Capital Group. During Croatan’s ownership, the team successfully renovated 139 units, which achieved a 15.8% return on cost. Additionally, the team made major repairs to the roof, elevators, and pool area as well as renovations to enhance the community such as the addition of an arcade center to the clubhouse and a dog park.

Originally built in 1991, Park Crescent is located in the heart of Norfolk, VA, situated along the west side of Military Highway and 1.3 miles west of Norfolk International Airport. Major employers in the area include the airport, Norfolk Naval Station, Joint Expeditionary Base Little Creek, and Old Dominion University.

Croatan extends their appreciation to JSB Capital Group. The partnership has made three investments together, with Park Crescent marking their second successful sale.