Newmark Arranges $102M Sale, Financing of Virginia Beach MF

Newmark Arranges $102M Sale, Financing of Virginia Beach MF
News| October 6, 2025| Jasmine Kilman
Washington DC + Apartment Buildings

Newmark has arranged the $102 million sale and financing of Latitudes Apartments, a 448-unit multifamily community located in Virginia Beach, Virginia.

Newmark President of Capital Markets Strategies Anthony Orso, Multifamily Capital Markets Senior Managing Director Garrison Gore and Executive Managing Directors Victoria Pickett and Charles Wentworth represented seller Heritage Capital Group in the transaction, which marks the largest single-asset multifamily sale in Hampton Roads history.

Executive Managing Director Henry Stimler and Directors Ricky Warner and John Chobanian of Newmark’s Multifamily Debt, Equity & Structured Finance group secured $71.4 million in acquisition financing on behalf of buyer Briar Capital Management LLC. Freddie Mac provided the loan.

Built in 1989, Latitudes Apartments is 94% occupied and offers a mix of one-, two- and three-bedroom units. Recent capital improvements totaling $2.7 million upgraded both residences and community amenities, including a clubhouse, pool, fitness and recreation spaces.

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