Enterprise Community Development, the Baltimore-based nonprofit reasonably priced housing proprietor and developer within the mid-Atlantic market, Thursday introduced it closed on the sale of Auburn Pointe Apartments in Newport News, Virginia for $28.7 million.
The neighborhood, initially bought by CPDC, an Enterprise Community Development subsidiary, in 2015, was bought to an affiliate of Bethesda-based RailField Partners, who bought the property on behalf of its RLM Preservation Fund that focuses on preserving reasonably priced housing. The property was bought on Enterprise’s behalf by Drew White, Carter Wood and the group at Berkadia. Aaron O’Toole with Klein Hornig LLP offered counsel to Enterprise, whereas Cynthia Eagle at Answer Title offered title and escrow companies for the transaction.
Built in 1972, the neighborhood, positioned at 496 Catina Way, alongside the northwestern fringe of Newport News in Denbigh, is conveniently positioned off I-64, providing residents quick access to procuring, the airport and main interstates.
The 274- unit neighborhood options one-, two- and three-bedroom flats together with an array of facilities together with a pool, laundry amenities, playground, health middle and ample parking. Amenities embrace in-unit washers and dryers, high-speed Internet entry and walk-in closets.