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%
  1. Reflects metrics for Breeze Apartments portfolio and does not indicate individual asset performance
  2. As of 12/31/2017