NEWPORT NEWS, VA – DF Ventures, a division of Drucker + Falk has announced the sale of a portfolio with 710 units and three properties The Kushner Company for $ 113.0 million. The portfolio consists of Chesapeake Bay Apartments located in Newport News, VA, Hanover Crossing in Mechanicsville, VA, and Wild Lake Apartments located in Henrico, VA.
J Guy Buck, CFO of Drucker + Falk, said: “This was a great opportunity to capitalize on DF Multifamily's management and renovation expertise. We take great pride in delivering exceptional returns to our investors. DF Ventures, together with a partner, acquired the properties in May 2016 for USD 68.5 million and implemented a renovation plan of USD 10.5 million for the three properties, which, together with excellent property management, resulted in an average return on investment of over 30% a year. "
“DF Ventures is very pleased with the success of our value-added business plan for this portfolio. The renovation of the clubhouse in each community and the improvement of facilities have resulted in higher leasing traffic. Renovating the interiors of the units, eliminating delayed maintenance and improving the outdoor areas have greatly improved the curbside appeal, ”said Eric Skow, director of DF Ventures.
Exterior renovations included: replacing vinyl siding in Hanover Crossing Apartments in Hanover County, Metropolitan Richmond with a hard drive; Exterior paints in Chesapeake Bay and Wilde Lake; Asphalt refurbishment, deck replacement or repair, and replacement of windows on Wilde Lake; and repairing balconies and stairwells, adding dog parks, surfacing swimming pools and pool decks, and upgrading pool furniture in the properties. Home renovations included kitchen and bathroom upgrades, including cabinets, countertops, new brushed nickel hardware, a modern lighting package, vinyl plank floors, replacing polybutylene piping in two of the homes, and new appliances. Local residents, prospects, local residents and businesses were all excited about the community redesign, new color choices, new 24-hour fitness centers and clubhouses.
DF Ventures thanks Charles Wentworth, Hank Hankins, Will Matthews and the Colliers Multifamily Investment Sales team for marketing the portfolio and helping close a very successful sale.