Marcus & Millichap is pleased to present the exclusive Offering Memorandum for the Breezy Meadows Apartment Portfolio located in Virginia Beach, VA.
The Breezy Meadows Apartment Offering provides an investor the opportunity to acquire a market rate portfolio with upside potential. The offering contains seventy-five (75) units situated on 3.68 acres and built between 1975 and 1984. There are forty (40) 576 sqft one-bedroom one-bathroom units, eleven (11) 833 sqft two-bedroom one-bathroom units, and twenty-four (24) 910 sqft two-bedroom one-bathroom units. Virginia Beach’s 38 miles of coastline offers various recreational activities and outdoor attractions for residents and tourists to enjoy. The largest metro area in Virginia affords residents access to a safe community, high ranking schools, beautiful sunsets, and a strong sense of community within close proximity to the economic drivers of the Hampton Roads.
The City of Virginia Beach is actively implementing commercial improvements to the area. Downtown Virginia Beach recently developed Town Center, a 25-acre development that spans 17 city blocks currently on phase 6 with expected completion in 2021. The ongoing development features 256,459 sqft of upscale retail, 814,736 sqft of Class A office space, and 887 luxury residential units, entertainment, and cultural facilities. Virginia’s tallest building, The Westin Virginia Beach, is located in Town Center.
Other major companies are seeing the value of having a presence in this quickly growing market such as Wegmans and IKEA. This will be the first Wegmans constructed east of Richmond, VA, and the second IKEA in the Commonwealth of Virginia. Wegmans, one of Fortune’s “Best Companies to Work For”, is currently hiring 500 full and part time employees and is expected to open in 2019. Internationally owned brand, Ikea Furniture Store, broke ground for construction late last year with completion expected to conclude in mid2019. This $75 million investment will provide the area with 500 mid to low level jobs and authenticate Virginia as a successful commercial corridor for further international companies to come.
