NEWPORT NEWS, VA. — Enterprise Community Development, a nonprofit affordable housing owner and developer based in Silver Spring, Md., has sold the 274-unit Auburn Pointe Apartments in Newport News. An affiliate of Bethesda, Md.-based RailField Partners purchased the property on behalf of its RLM Preservation Fund, which focuses on preserving affordable housing, for $28.7 million. Berkadia represented the seller in the transaction, and Answer Title provided title and escrow services.
Built in 1972 at 496 Catina Way in Newport News’ Denbigh neighborhood, Auburn Pointe is located off of I-64. The property’s amenities include a pool, laundry facilities, playground and a fitness center. The buyer will keep units at Auburn Pointe affordable for the foreseeable future.