Overview
The Watermark is a 180 rental apartment community built in 2016 in the Wards Corner submarket in Norfolk, VA. The project is located in a strategic area between a destination life-style retail center and the Norfolk Naval Base. It is built on a 5 acre riverfront site adjacent to an elementary and high school, private and parochial schools, Bon Secours Hospital and the Norfolk Recreational Center serving seven large neighborhoods. Previously a 200 unit, 1940’s apartment community, Watermark is the first phase of a redevelopment including a rental community, townhomes and condominiums and riverfront amenities on this 12 acre peninsula. A mix of studios, one, two and three bedroom with some loft apartments each with views of the water, generous parking and amenities including a pool with fire towers, wellness and fitness facilities as well as business and culinary rooms. The project will be completed by the end of 2016.
Partners
Hunt Investment Partners, co-general partner
HQ Capital
PNC Bank, Lender
Financials
Project cost: $26.7 mm
Projected 2017 NOI: $1.6 mm
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