Portfolio A of the Hampton Roads Portfolio consists of the 202-unit Dominion Yorkshire Downs in York, and the 296-unit Forest Lake at Oyster Point in Newport News. The apartment complexes were built in 1987 and 1986, respectively; combined, they have an assessed value of nearly $26 million.

Portfolio B contains four properties in the Tidewater Region. Both of Virginia Beach, 32-year-old Eastwind consists of 508 apartments, while four-decade-old Dominion Waterside at Lynnhaven has 192 units. The portfolio is rounded out by Newport News's 296-unit Woodscape, which was built in 1975, and Hampton's 252-unit Heather Lake, which was built exactly three decades ago. The six properties have a current average occupancy level of 95%.

While the Apartment Group just began its marketing efforts for the portfolio this week, the market's enticing qualities--strong barriers to entry, low vacancy rate--are likely to attract a bevy of potential buyers. For example, the apartment vacancy rate in the Hampton Roads area, as of the fourth quarter of 2002, was about 3% to 3.5%.

"I can imagine that demand will be high," the Apartment Group's Drew M. White tells GlobeSt.com. "It's a fantastic market and it's only going to get better. A lot of the institutional investors who are looking in the DC area are having a hard time competing."