Frontier Financial Buys Chesapeake M-F Complex from Property Capital

A Chesapeake apartment complex now has a new owner. Property Capital Group has sold the Marina Point Apartments to an affiliate of Frontier Financial. The price of the transaction was not disclosed. CBRE Hampton Roads, an affiliate office of CBRE Inc., marketed the property.

An affiliate of Frontier Financial has acquired Marina Point Apartments in Chesapeake from Property Capital Group. The selling price was not disclosed. CBRE Hampton Roads marketed the property for Property Capital.

The 104-unit complex is located at 1301 Canal Drive in Chesapeake’s Deep Creek section on the banks of a tributary of the Elizabeth River’s southern branch. It was constructed in 1965 and consists of 104 one-, two-, and three-bedroom units.

According to CBRE, the property has a net rentable residential area of 95,900 square feet. Units range in size from 790 square feet to 1,140 square feet. Amenities include hardwood floors, a children’s play area, and a slipway, which  residents can use to bring boats to and from the water. The property is surrounded on three sides by water.

The property’s location on the VA Route 17/George Washington Highway transportation corridor offers access to the shopping, entertainment and employment centers of Chesapeake and Portsmouth. Major employers located within a few miles of the property include Portsmouth Naval Hospital, the Norfolk Naval Shipyard, the Chesapeake Municipal Center, Chesapeake Regional Medical Center and Sentara Healthcare.

Marina Point Apartments is one of part of an eight-property, 1,644-unit portfolio  in the Richmond and Hampton Roads areas that CBRE Hampton Roads is marketing for Property Capital. The list includes Falling Creek, Village of Woodshire, Misty Woods, Jefferson East, Riverwalk, Cherokee Park and Great Bridge.  The CBRE team that represented Property Capital in the sale of the Marina Point Apartments includes Senior Vice President Dan Johnson and Vice President Hank Hankins of CBRE Hampton Roads, as well as Executive Vice President Andrew Boyer and Senior Vice President Jonathan Greenburg of CBRE’s  Washington/Baltimore  multi-housing team.

Photo credits: CBRE