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.