Drucker + Falk Announces 710-Unit Three Property Portfolio Sale in Virginia to The Kushner Companies for $113 Million – MultifamilyBiz.com

NEWPORT NEWS, VA - DF Ventures, a business unit ofDrucker + Falk, has announced the sale of a 710-unit, three property portfolio toThe Kushner Companiesfor $113.0 million. The portfolio consists ofChesapeake Bay Apartmentslocated in Newport News, VA,Hanover Crossingin Mechanicsville, VA, andWilde Lake Apartmentslocated in Henrico, VA.

J Guy Buck, CFO of Drucker + Falk, said, This was a great opportunity to leverage DF Multifamilys management and renovation expertise. We are very proud to have delivered extraordinary returns to our investors. DF Ventures, along with a partner, acquired the properties in May of 2016 for $68.5 million and implemented a $10.5 million renovation plan across the three properties which, combined with stellar property management, resulted in an average return on investment exceeding 30% annually.

DF Ventures is very pleased with the success of our value-add business plan for this portfolio. Renovating each communitys clubhouse and upgrading amenities has resulted in higher leasing traffic, and renovating unit interiors, curing deferred maintenance, and enhancing exteriors has vastly improved curb appeal, said DF Ventures Director, Eric Skow.

Exterior renovations included: replacing vinyl siding at Hanover Crossing Apartments in Richmond metro areas Hanover County with hardiplank; painting exteriors at Chesapeake Bay and Wilde Lake; asphalt renovations, replacing or repairing patios, and window replacement at Wilde Lake; and repairing balconies and stairwells, adding dog parks, swimming pool and pool deck resurfacing, and upgrading pool furniture at the properties. Apartment home renovations included kitchen and bath upgrades including cabinets, countertops, new brushed nickel hardware throughout, modern lighting package, vinyl plank flooring, replacing polybutylene piping at two of the properties and new appliances. Residents, prospects, local residents, and businesses were ecstatic with the transformation of the communities, new color choices, new 24-hour fitness centers, and clubhouses.

DF Ventures extends their appreciation to Charles Wentworth, Hank Hankins, Will Matthews, and the Colliers Multifamily Investment Sales team for their marketing of the portfolio and help concluding a very successful sales transaction.

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Drucker + Falk Announces 710-Unit Three Property Portfolio Sale in Virginia to The Kushner Companies for $113 Million - MultifamilyBiz.com