PORTSMOUTH, VA—Growth Equity Group has acquired the Charlestowne Townhomes here. The 50-unit property is located at 1590 Darren Circle, part of the Hampton Roads region and close to the Norfolk Naval Shipyard, Bon Secour's Medical Center and the Portsmouth Marine Terminals. Terms of the transaction were not disclosed.
The acquisition followed two other recent purchases in the area, and according to Preston Despenas, co-founder and senior partner of the Chicago-based company, there will be many more. The company hopes to make about $100 million in acquisitions in Virginia over the next 24 months, he tells GlobeSt.com. The company is targeting housing in the CommonWealth in anticipation of the increased demand that will be created when the third set of locks at the Panama Canal becomes operational next year. "The Port of Virginia is ideally situated on the East Coast to handle post-Panamax traffic and its demographics and fundamentals support multifamily growth," Despenas says.
Growth Equity Group has also recently acquired the 32-unit Midlands Townhomes in Williamsburg, and the 178-unit Timberwoods in Newport News. Growth Equity came to Virginia via investments the company was making in Gulfport, MS' housing market a few years ago. The investment strategy there was the same: the demand for homes would increase as more workers were needed at the Gulf of Mexico Coast port to handle the increased ship traffic expected from the Panama Canal's expansion.
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