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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.
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.
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