Capstone Apartment Partners is pleased to present Royal Pointe Apartments, a 1987 vintage, 208-unit townhome and garden-style apartment community located in Virginia Beach, Virginia. Royal Pointe features an attractive mix of one and two-bedroom townhome and garden-style units and has benefited from a long-term owner focused on targeted CapEx projects to keep the property well-maintained. Royal Pointe has gone through extensive exterior capital improvements, while the interiors of the property have seen strategic "light" upgrades, positioning the property for a full-scale value-add program that is poised to capitalize on the unprecedented rent growth in the submarket. Year-over-year, the Virginia Beach sub-market has seen 12%+ rent growth, driven by its recent influx of high-paying job opportunities, which has allowed the subject property to organically increase rents significantly. Even with significant organic rent increases, the property severely lags rental rates at nearby properties, allowing new ownership to inherit an asset with substantial upside.

Long Term Owner with Significant CapEx Invested

Substantial Value-Add Opportunity

Positive Rental Demographics Supported by Recent Lease Trade Outs

Surrounded by an Abundance of Job Opportunity

Proximity to Class A Retail

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