RealtyMogul‘s direct acquisitions arm RM Adviser and ROSS Companies have acquired Virginia Beach-based The Hamptons Apartments, an apartment complex. No financial terms were disclosed.
LOS ANGELES–(BUSINESS WIRE)–RM Adviser, the direct acquisitions arm of RealtyMogul, a leading real estate crowdfunding platform, has acquired The Hamptons Apartments in Virginia Beach, a 212-unit apartment complex originally built in 1973. In partnership with the property manager and construction manager, ROSS Companies, RM Adviser intends to operate the property for cash flow and pursue a value-add renovation program.
Michael Schoellhammer, Managing Director of RM Adviser, shared, “We are excited about our recent acquisition of The Hamptons Apartments in Virginia Beach. The Hampton Roads submarket sustains solid demand for multifamily housing and there is a strong base of both government and private sector employment. The property is well-located, infill workforce housing and we like it because it features in-place cash flow as well as the potential for value-add upside.
“We plan to reposition the asset through a strategic renovation program that will make it more competitive and attractive to renters. We are going to enhance community amenities including the clubhouse, the pool, and create an outdoor living area. In conjunction with the common-area improvements, unit interiors will be renovated with vinyl plank flooring, new hardware and lighting fixtures, appliances, upgrades to the cabinets, and resurfaced countertops. We also plan to add washer and dryer hookups in some of the units that do not have them.
“We are also very pleased that ROSS Companies are managing the property. They have been an outstanding partner as we have been looking to acquire assets in the region, and their management philosophy fits with our own. We both want to enhance the lifestyle of our residents.”
In line with RM Adviser’s real estate acquisition strategy, the Hamptons Property is situated in a resilient market. According to CoStar, the multifamily market that the Hamptons Property is in continues to grow, and vacancy remains low. Virginia Beach has significant military exposure and we believe the solid base of government jobs in the area should provide a strong hedge against future economic downturns. Military installations in the metropolitan area employ over 120,000 military and civilian personnel, with Naval Station Norfolk being one of the largest military stations in the world. Virginia Beach fundamentals are stable and there has been an inflow of new residents into the Virginia Beach County submarket since 2010.
For more information about The Hamptons, please visit www.hamptonsvabeach.com.
About RM Adviser
RM Adviser is the direct acquisition arm of RealtyMogul. RealtyMogul is a private equity firm with investments in over $2 billion of real estate including historical investments in over 18,000 apartment units. Through RM Adviser, RealtyMogul targets $10MM-$40MM multifamily assets in stable and emerging U.S. markets. In addition to direct acquisitions, RealtyMogul deploys capital in multifamily, office, retail and industrial properties through joint venture equity and preferred equity investments nationally. RealtyMogul offers securities through North Capital Private Securities Corporation, member FINRA/SIPC. For more information about RealtyMogul, visit www.Realtymogul.com.
About ROSS Companies
ROSS Companies, founded in 1983 in Bethesda, Md., is a recognized leader in multifamily acquisitions and investment, development, property management and renovation. With a managed portfolio of more than 10,000 apartment homes in more than 30 communities, the privately held company is one of the most active multifamily real estate firms in the Mid-Atlantic region, and is recognized for its ability to add value to communities and to drive high levels of resident satisfaction. ROSS Companies is comprised of three affiliates – ROSS Development & Investment, ROSS Management Services and ROSS Renovation & Construction. In 2018, ROSS Development & Investment celebrated its 35th anniversary and ROSS Management Services celebrated 30 years in business. In 2018, ROSS Management Services was honored for the fourth consecutive year with a National Resident Satisfaction Award from SatisFacts. Also, in 2019, it was announced that 9 ROSS-managed apartment communities had been awarded the Apartment Ratings’ Top-Rated Award for 2018, reflecting ROSS Companies’ unwavering commitment to customer satisfaction. These annual awards recognize communities with outstanding resident satisfaction ratings as measured on ApartmentRatings.com. For more information about ROSS Companies, visit RossCompanies.com.