Capstone Apartment Partners is pleased to present Mayfair
Apartments: a 1972-vintage, 197-unit, market rate and rent restricted (46
units) apartment community located in Virginia Beach, Virginia. The property
features an attractive mix of one-, two-, three-, and four-bedroom floorplans
along with minimal deferred maintenance. Current ownership has renovated eight
units at the property with a moderate renovation package to prove premiums up to
$175. Although significant premiums have been achieved, the Virginia Beach
submarket strongly supports a luxury value-add program to achieve premiums up
to $325, depending on the floorplan. Mayfair Apartments is located in the heart
of the Virginia Beach submarket, with proximity to multiple economic demand
drivers, new development, and premium retail. With a robust value-add
opportunity and excellent location within a booming submarket, Mayfair
Apartments represents an excellent opportunity for investors.
Significant Value-Add Opportunity
Strong Multi-Family Demographics in the Virginia Beach
Submarket
Mix of Market Rate and Affordable Units
Situated Amongst Major Employers and New Development
Proximate to Class A Retail and the Hampton Roads Light Rail