464 Lisa Square

• Hilltop South Apartments is an 85-unit community built in 1978 and underwent a substantial rehabilitation, being placed-in-service in 2003 under the Low-Income Housing Tax Credit (LIHTC) program. The property has diverse unit mix containing 1-, 2-, and 3 bedroom units, appealing to a broad range of potential tenants. 54 units are restricted to 50% AMI and 31 units are restricted to 60% AMI until 2053, the property is not eligible to pursue a Qualified Contract.
• Growing 5% in the 2020 Census to a population of 459,470, the City of Virginia Beach is the largest city in Virginia by population, is the most dominant single component of the larger Hampton Roads MSA (25%) which has a population exceeding 1.8M people. The Hampton Roads MSA benefits from 10+ United States Military installations, and at any given point houses approximately 25% of the nation’s active-duty military personnel. The broader economy of the MSA itself is highly diverse, ranging from a material shipbuilding presence, to healthcare, financial services, manufacturing, and many more; multiple Fortune-500 entities are headquartered or have a material presence in the area.
• Hilltop South is nestled in a residential area directly off of the Virginia Beach Expressway, and within a 5-minute drive of the Hilltop shopping area, containing multiple grocery options (Whole Foods, Kroger, Trader Joes), multiple general merchandise stores (Walmart, Target); as well as countless restaurants, banking, specialty, storage, and other core needs – all of which double as potential employment opportunities for tenants. Residents additionally benefit from being walking distance to multiple bus stops, providing a direct transportation option around the VA Beach area and into downtown Norfolk.
• Since its major renovation in the early 2000s, the property has been maintained to a high standard, with ownership performing several capital improvement projects in recent history (most of the roofing is new, many HVAC units replaced); however, the unit interiors are the next project to take on. Hilltop South is one of the lowest rent assets in the submarket, and is projected to see a nearly $200/unit average rental benefit by refreshing the units with more modern finishes, and more aggressively advertising the property in the market.

Property Description