The Kopenhaven Apartments, located at 149 Louise Drive in Newport News, sold for $2.6 million. (Courtsey of Berkadia)
A pair of apartment complexes in Newport News have been sold to new owners in South Hampton Roads.
The Hanover, a 64-unit market rate apartment community located at 12847 Jefferson Ave. near the Windsor Park neighborhood, sold earlier this summer for nearly $3.2 million, according to a news release.
Alan Meetze and David Hudgins, senior directors with Berkadia, a joint venture between real estate behemoth Berkshire Hathaway and Leucadia National Corporation that operates a Newport News office, completed the transaction on behalf of the buyer: Norfolk-based Hanover Apts LLC.
Hanover Apts LLC could not be reached for comment Thursday afternoon.
The Hanover was constructed in 1972, the news release said, and includes one- and two-bedroom units that include fully equipped kitchens, large closets and ceiling fans.
During the early July sale, the Hanover was 95 percent occupied.
Meanwhile, in the Saunders neighborhood, Berkadia officials recently closed on the sale of the Kopenhaven Apartments to Norfolk-based Kopenhaven Apts LLC, according to a news release.
The Kopenhaven property is a 49-unit market rate apartment complex located at 149 Louise Drive.
Officials sold the apartment complex, which is 97 percent occupied, for about $2.6 million, the news release said.
Kopenhaven Apts LLC officials could not be reached for comment Thursday afternoon.
With the region’s rental market surging, sales of apartment complexes are becoming more commonplace.
The vacancy rate, which determines the number of unfilled apartment units and their market rates, has dipped during the first quarter to 6.9 percent, according to Berkadia reports, signaling a healthy rental market across the Peninsula and South Hampton Roads.
It’s also helping to drive regional rents higher.
Monthly asking rents have climbed 1.2 percent in the past 12 months to $1,018 for a one-bedroom unit, according to the report, as demand for apartments continues to grow.
"The apartment market has been red hot for a couple of years," Meetze said. "Our area has a solid and stable economy, and that’s driving investors who have never heard of us to this part of the world."
O’Neal can be reached by phone at 757-247-4744.