Core/Bainbridge JV Buys Virginia Beach Apartment Complex
- Jan 22, 2015
By Adrian Maties, Associate Editor
The Woodshire Apartments in Virginia Beach is under new ownership. Core Real Estate Capital purchased the 288-unit property in partnership with Bainbridge Cos. at the end of 2014. Terms were not disclosed.
Completed in 1975, the complex features one-, two- and three-bedroom apartment units and numerous amenities, including washers and dryers, a playground, air conditioning and a pool.
Woodshire Apartments is located at 149 South Budding Ave., within one mile of Virginia Beach Town Center and close to dining, shopping and entertainment venues and the beach..
Jeff Coopersmith, founder and managing partner of the Columbus, Ohio-based company, said in a statement that the new owners plan to invest more than $2 million to upgrade the property.
In addition to Woodshire Apartments, Core’s year-end acquisitions included Mt. Prospect Greens, a 344-unit community in the Chicago suburb of Mount Prospect. Core teamed with APM Management on that acquisition.
Photo credits: livethewoodshire.com