Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Valore at Southern Park, a 104-unit apartment property located in Norfolk, Virginia. The asset sold for $12.8 million.
Altay Uzun, Justin Ferguson, Theo Jolley and David Chae, investment specialists in Marcus & Millichap’s Hampton Roads office, had the exclusive listing to market the property on behalf of the seller, Valore, an investment fund based out of Israel. The buyer, Cleghorn Capital, was secured and represented by Uzun, Ferguson, Jolley and Chae.
“This is the second deal that we sold for Valore and it represents a perfectly executed multifamily value-add execution on their behalf,” said Uzun. “They bought the deal in 2017, stabilized and renovated the asset, achieved rent growth, and exited at a 3x multiple on their initial investment. The buyers were great to work with and gained a stabilized asset with a ton of remaining upside that can be unlocked fairly quickly. The Uzun Group is proud to have brokered yet another great Virginia multifamily community.”
Valore at Southern Park, located at 7922 Old Ocean View Road, is within a short drive to the Chesapeake Bay and Ocean View Beach. The three-building, two-story property was built in 1964 and renovated in 1999. The community totals 104,944-square-foot across 5.04 acres.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
