Doria Apartments & Townhomes

5516 Seawall Court, Virginia Beach

VA, 23462

$19.8 MILLION

Acquired in September 2019

160 units

Consisting of 56 townhomes and 104 garden style apartments

$1.9 MILLION

In planned capital improvements

Doria Apartments & Townhomes

Originally built in 1985 and 1996 as two separate communities, outlier acquired the communities in September 2019. Following the acquisition, outlier has carried out an extensive renovation program that included a rebranding effort bringing both communities together as The Doria Townhomes and Apartments. The community is well located in the center of Hampton Roads and within a 20-minute drive of prominent regional attractions and key employers, such as the Norfolk International Airport, Virginia Beach Town Center, Sentara Medical Center, and the Norfolk Naval Center.

The acquisition initially presented agency loan complexity due to a scattered site and access challenges, however this created a favorable situation to acquire at an attractive basis with in-place cash flow. The Seller was the original developer of both properties and had self-managed since delivery. This resulted in a unique opportunity for a new owner and management team to create substantial value through a community wide renovation plan, including the unit interiors and grounds, and operational efficiencies by establishing a professional property management team on-site.

PROJECT GALLERY

New Signage – After

Renovated Kitchen – After

New Balconies – After

Original Signage – Before

Original Kitchen – Before

Original Balconies – Before

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CONTACT

contact@outliercap.com

202.888.6480

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