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Gates of West Bay
Norfolk, VA 23503

Acquired

6/5/2006

Location

The property is located in Norfolk, VA, at the entrance to the Norfolk Naval Base, one of the largest military facilities in the world. The property sits on West Bay Avenue adjacent to the exit ramp from I-64, the primary east-west thoroughfare for central Virginia.

Description

The Gates of West Bay is a 202-unit, garden-style apartment community constructed in 1966. The community is located on a 26.6 acre site that provides surface parking for 231 vehicles. The units are located in 10 two-story walk-up buildings with facades consisting of a combination of brick and vinyl trim between windows. Property amenities include an outdoor swimming pool, several playgrounds throughout the site, and laundry facilities in each building. All units have a patio or balcony and most have washer/dryer hook-ups. New Boston acquired the asset in partnership with Bonaventure Realty Group, LLC, and has employed a strategy to add value by addressing deferred maintenance issues, improving curb appeal, strengthening property management and leasing at the property and undertkaing capital improvements.

Investment Rationale

Located in a strong multi-housing market supported by the workforce of the nearby military facilities
Property had a stable, high occupancy rate at acquisition





Fund Ownership

Map

For more information regarding properties for sale, please email us at sales@newbostonfund.com or call 1.866.DIAL.NBF