TIC investors nab East Coast complex

Triple Net Properties LLC represented tenant-in-common investors in the acquisition of Arbor Trace Apartments in Virginia Beach, Va.

The value of the transaction was not disclosed.

Arbor Trace Apartments, built in 1985, is comprised of 148 units and consists primarily of 2-bedroom units in 12 three-story apartment buildings.

At the time of sale, the property was 97 percent occupied and features outdoor grills, a fitness center and an outdoor swimming pool.

The property was purchased from Colonial Realty Limited Partnership.

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