CLEVELAND, March 16, 2023 /PRNewswire/ — Legacy Capital Partners (“Legacy”), a Cleveland, OH-based national real estate investment firm and Fulton Peak Capital (“Fulton“), a Raleigh, NC-based multifamily investment firm (“Joint Venture”), recently acquired Water’s Edge Apartments (“Water’s Edge”), a 190-unit apartment community in Norfolk, VA.
Water’s Edge was built in 1986 and has benefited from stable, long-term ownership that managed to a high occupancy and took care of maintenance needs at the property. Legacy and Fulton will continue to improve the property with a capital budget that will modernize the interiors of the units with vinyl plank flooring, granite countertops, new fixtures, lighting and vanities, washer/dryers and stainless-steel appliances. The exteriors and common areas will be updated to enhance appeal and the Joint Venture will be making environmentally friendly upgrades to the property, including LED lighting, smart thermostats, and new showerheads and faucets.
Norfolk is home to the nation’s largest Navy base, a major economic contributor to the region. The property is also located near one of the hospitals in the Sentara Leigh hospital system, which consistently ranks in the top 100 hospitals in the country. “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,” said 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.”
About Legacy Capital Partners:
Legacy Capital Partners is a real estate private equity firm founded in 2004 by Mitchell C. Schneider and David B. St. Pierre. Since its inception, Legacy has invested in 78 properties in 19 states with a total cost basis of $2.24 billion. Since October 2009 Legacy has invested exclusively in for-rent multifamily properties and continues to actively deploy its discretionary capital. For more information about Legacy, visit www.lcp1.com.
About Fulton Peak Capital:
Fulton Peak is a diversified multifamily investment firm focused on acquiring, repositioning, and operating rental housing properties throughout the Mid-Atlantic and Southeast. Headquartered in Raleigh, NC, Fulton Street also has offices in Washington, DC and Charleston, SC. Since inception, Fulton has acquired a $169.5 million multifamily portfolio with 1,300 units across 16 properties.” For more information about Fulton, visit www.fulton-peak.com.
CONTACT: Helen Qin, [email protected]
SOURCE Legacy Capital Partners
Originally published at https://www.prnewswire.com/news-releases/legacy-capital-partners-and-fulton-peak-capital-acquire-apartment-in-norfolk-va-301773222.html