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HAMPTON ROADS, VA-A portfolio of six multi-family properties accounting for 1,438 units in the Hampton Roads area has just been put on the table for acquisition in one of the tightest apartment markets around. Property owner United Dominion Realty Trust has put the United Dominion Hampton Roads Portfolio in the marketing hands of the Apartment Group LLC, a division of Cushman & Wakefield Co. For interested parties, the residential complexes are up for sale as individual properties or as a package deal.

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.”

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