Templeton sells North Carolina and Virginia portfolio for $61 million

Green Tree Apartments

MRKT Capital completed the $61 million acquisition of a three-community portfolio totaling 472 units in Chesapeake, Virginia, and Elizabeth City, North Carolina, from Templeton Properties. Marcus & Millichap’s Uzun Group facilitated the transaction and found the buyer.

The portfolio includes all 208 Green Tree apartments, comprising 16 buildings with one and two bedroom floor plans averaging 819 square feet. Facilities include a swimming pool, fitness center and volleyball court, among others. Located at 749 Green Tree Circle, the property is less than 2 miles from Chesapeake City Park and less than 1 mile from Chesapeake Regional Medical Center.

Oak Grove Apartments

Virginia’s second-largest asset is Oak Grove Apartments, a six-building community comprising 132 units ranging from 526 to 825 square feet. Completed in 1985, Oak Grove is located
408 Trotman Way, 1 mile from Greenbrier Christian Academy and Chesapeake Arboretum.

MRKT also acquired Emerald Lake Apartments, a 132-unit community that offers two- and three-bedroom apartments, as well as a pool and clubhouse, in Elizabeth City, North Carolina. Located at 1500 Emerald Lake Circle, the asset is less than a mile from Sentara. Albemarle Medical Center and Albemarle College. Emerald Lake is located about 40 miles south of Chesapeake.

Benefiting from historic overall rental growth and migration trends boosting the South and Southwest, MRKT Capital is focused on finding valuable assets in scarce markets, said Altay Uzun, Senior Vice President of Sales investments at Marcus & Millichap.

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