Bay Breeze East Apartments
Bay Breeze East Apartments is part of the Breeze Apartments Portfolio located in Virginia Beach, Virginia, acquired in 2015. The property has a mix of 2 bedroom 1 bathroom units ranging from 760 to 1,000 square feet, as well as a single 1 bedroom 1 bathroom unit. The most rent improvement to the property was replacing exterior lighting. This feature has been upgraded and provides well-lighted walkways and entrances.
Purchased in 2015, the Breeze Apartments Portfolio was CIG’s first multifamily acquisition. Since the time of purchase, the Breeze Apartments Portfolio continues to be well-occupied, resulting in increased income.
| ACQUIRED: | DECEMBER, 2015 |
|---|---|
| NO. UNITS: | 12 |
| SQUARE FEET: | 9,360 |
| 2017 OCCUPANCY: | 97.6%(1) |
| CAPITALIZATION: | $965,000 |
| EQUITY RETURNED: | 20.8%(1) |
| ANNUALIZED RATE(2): | 10.0% |
- Reflects metrics for Breeze Apartments portfolio and does not indicate individual asset performance
- As of 12/31/2017