Croatan Investments purchased Sparrows Point located in Virginia Beach, Virginia. The 300-unit garden-style apartment community was recently renovated in 2017 with an entire exterior facelift and interior upgrades to over 60% of the units. Croatan intends to perform a value-add renovation to the clubhouse, addition of a fitness center, installation of washer & dryers in all units, and upgrades to the remaining unrenovated units.
Sparrows Point is centrally located in Virginia Beach and is less than three miles from the city’s biomedical corridor, VABeachBio. The development plan for VABeachBio includes a million square feet of Class A medical research and healthcare office and wet lab space, and currently includes Sentara Princess Anne Hospital and The Children’s Hospital of the King’s Daughters’ specialty and urgent care sites.
Satellite campuses for Old Dominion University and Norfolk State University and Tidewater Community College’s main campus are located less than two miles from Sparrows Point. The community is also in close proximity to Naval Air Station Oceana, Stihl’s U.S. Headquarters, Lynnhaven Mall, and access points to Interstate 64 and 264.
Sparrows Point is Croatan Investments’ seventh multifamily acquisition in Hampton Roads.