A real estate investment trust recently purchased a 268-unit multifamily complex in Norfolk, Va., as part of its strategy to expand in the Mid-Atlantic and Southeast regions of the country.
Associated Estates Realty Corp. acquired Bristol at Ghent, a four-story mid-rise built in 2006, for an undisclosed price.
The property features floor plans that include lofts with 9- and 10-foot crown-molded ceilings, upgraded appliances and gourmet island luxury kitchens. Community features include a parking garage, clubhouse, swimming pool, health and fitness center, spa and massage room. Occupancy at the time of purchase was 80 percent with stabilization, or 95 percent occupancy, expected in the fourth quarter of 2007, according to a press statement.