Capstone Apartment Partners is pleased to present River
Breeze Apartments: a 1973 vintage, 200-unit garden style apartment community
located in Newport News, Virginia. River Breeze has been exceptionally
well-maintained and features minimal deferred maintenance as well as attractive
one-, two-, and three-bedroom floorplans. Current ownership has renovated 11
units with a moderate renovation package and achieved $175 premiums. Although
significant premiums have been achieved, the Newport News submarket strongly
supports a luxury value-add program to achieve premiums up to $550, depending
on the floorplan. Newport News has seen unprecedented rent growth of 14% year
over year as well as a significant influx of capital to the submarket, which
has greatly increased the price per door averages and sales volume in the area.
With a significant value-add program, minimal deferred maintenance, an
excellent location proximate to class-a retail, and a booming submarket, River
Breeze is poised for significant rent growth.