Legacy Capital Partners, a Cleveland, Ohio-based real estate investment firm, and Fulton Peak Capital, a Raleigh, N.C.-based multifamily investment firm, have bought Water’s Edge Apartments, a 190-unit apartment community in Norfolk, Va.
Water’s Edge was built in 1986. Legacy and Fulton aim to improve the property with a capital budget that looks to modernize the interiors of the units with vinyl plank flooring, granite countertops, new fixtures, lighting and vanities, washers and dryers and stainless-steel appliances. The exteriors and common areas will also be updated and the joint venture will be making environmentally-friendly upgrades, as well.
“We’re very happy to close our second acquisition with the Fulton team and expand our presence into the Hampton Roads market with a partner who currently owns multiple assets there,” states David St. Pierre, co-founder and executive director at Legacy. “In the current economic climate, we are fortunate to acquire an asset like Water’s Edge and we look forward to executing our value-add plan to further enhance the community.”