Croatan Investments has purchased Trail Creek, a 300-unit apartment community located in Hampton, Virginia.
Built in two phases in 2006 and 2012, the gated community offers residents large townhome floorplans and Class A amenities in a natural setting. The community features two resort-style swimming pools, a clubhouse, fitness center, and business center. Trail Creek is located less than 2 miles from Peninsula Town Center and within 3 miles of 6 million square feet of retail amenities.
Croatan intends to generate a return on this investment from both long-term cash flow and value creation by performing an upgrade of the property’s amenities and unit interiors.
Arranging the sale on behalf of the seller, The Wolff Company, were Hank Hankins and Victoria H. Pickett of CBRE|Hampton Roads working with William S. Roohan, Robert G. Dean, III, Jonathan M. Greenberg, Yalda K. Ghamarian, and Thomas B. Leachman of CBRE Washington, D.C., Multifamily Investment Properties team.
Trail Creek is Croatan Investments’ fifth multifamily acquisition in Hampton Roads.