CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Newbrook Capital Properties has purchased a two-property multifamily portfolio in Chesapeake and Elizabeth City for $58.2 million. The seller was not disclosed. The properties include Green Tree, a 208-unit, garden-style community located at 749 Green Tree Circle in Chesapeake, and Emerald Lake, a 132-unit, garden-style property located at 1500 Emerald Lake Circle in Elizabeth City. The properties are 1990s vintage and sit roughly 40 miles apart.
The portfolio acquisition grows Newbrook Capital’s assets under management to $400 million. The firm plans to invest in value-add capital improvements and has tapped StoneCreek to manage the portfolio. Hunter Bowling and Paul Marley of Cushman & Wakefield represented the seller for Emerald Lake in the transaction, and Drew White and Carter Wood of Berkadia represented the seller for Green Tree.