Hampton, VA

As the first luxury rental community in downtown Hampton, The Heritage at Settlers Landing offers 140 apartment residences. The property leads the market for Class A rental properties on the peninsula. The city, the owner of the land, extended benefits to Collins such as deferred land payments and credits for infrastructure costs. Collins received city council approval in 2004. The property was completed in 2007 and is fully leased with the highest rents in the region. Built on three blocks of former parking lots, the property includes one-, two- and three-bedroom units in four-story buildings serviced by elevators, garage parking and a community center with fitness facility. Project partners included Drucker & Falk and Berkadia (HUD). Project costs were $19.6 million with a net operating income of $1.4 million.