Besyata Investment Group and The Scharf Group Acquired Brookfield Apartment Homes in Virginia Beach, VA for a Purchase Price of $37.75 Million

Business Wire

NEW YORK--(BUSINESS WIRE)-- Besyata Investment Group and The Scharf Group, both NY-based single family offices, have acquired Brookfield Apartment Homes in Virginia Beach, VA for a purchase price of $37,750,000.

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Besyata Investment Group and The Scharf Group Acquire Brookfield Apartment Homes in Virginia Beach, VA for a Purchase Price of $37.75 Million (Photo: Business Wire)

Drucker and Falk Multi Family Property Management, a leading property manager of 30,000+ apartments across 10 states, will handle the day-to-day property management and leasing.

The Property

Brookfield Apartment Homes, located in the fast-growing Virginia Beach Submarket, is a 352-unit apartment community offering one of the most comprehensive amenity packages in its submarket as well as an abundance of nearby recreation, immediate proximity to Level Green Park which offers green space, Tennis Courts and Baseball fields.

Located near the intersection of the Virginia Beach, Norfolk and Chesapeake submarkets, the community benefits from convenient immediate access to the I-64.

Business Plan

By capitalizing on the exterior capital improvement program implemented by previous ownership, Besyata and Scharf plan to add value to the property through gradual unit renovations in addition to amenity/common area enhancements to better compete with properties in the area.

Besyata Investment Group

A NY-based family office focused on the acquisition and development of multifamily and commercial properties nationwide while pursuing a value-add strategy. Besyata currently owns and operates a multifamily portfolio spanning nine states, consisting of 5,000+ units.

The Scharf Group

A NY-based fourth generation family office; owner, developer, and operator of a large portfolio of commercial, multifamily, healthcare & senior housing properties nationwide.