A firm from Richmond has purchased Virginia Beach apartment complex Saltmeadow Bay for $48.6m.
The Runnymede Corporation sold the complex, which is off Laskin Road, to Capital Square. Saltmeadow Bay was built in 2006 a mile away from the boardwalk in the wetlands. It consists of 24 acres of land and four buildings that are each four stories tall. Its 229 apartments range from one to three bedrooms, ranging from 866 to over 1500 square feet in area. Stainless steel kitchen appliances, electric fireplaces, and walk-in closets are some of the amenities the property offers, as well as a swimming pool, clubhouse, dog park, fitness center, and covered garages.
According to Whitson Huffman, head of acquisitions and senior vice president of Capital Square, the complex is close to the ocean and located in a community with optimal demographics. The company is planning a remodel to make the property more valuable. Brochure printing can show possible tenants the renovations made in cases lake this.
Runnymede CEO and vice president Don Frederick stated the firm usually owns the developed property for a distinct amount of time, noting that Saltmeadow Bay was a valuable and essential asset to the company. Company president The company acquired the unreplaceable land in the 1940s, and Colliers International persuaded the owners of Saltmeadow Bay that it was the perfect time to sell it.
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