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Colliers International Announces Sale of Saltmeadow Bay in Virginia Beach for $48.6 Million

VIRGINIA BEACH, Va. – August 20, 2019 – The Colliers International Mid-Atlantic Multifamily Advisory Group is pleased to announce the sale of Saltmeadow Bay in Virginia Beach from The Runnymede Corporation, based in Virginia Beach, to Capital Square 1031, headquartered in Richmond, for $48.6 million. 

Saltmeadow Bay was completed in 2006. The 229-unit community is situated on 24 serene acres within half a mile of the Virginia Beach Oceanfront Resort District. Apartment amenities include fireplaces, 9-foot ceilings, and walk-in closets in floorplans ranging up to 1,589 square feet. Approximately 60 percent of the units have been renovated to offer market-leading finishes. Upgrades include luxury vinyl plank floors, stainless steel appliances, shaker-style cabinets, granite countertops, and upgraded lighting.

“This community’s unique location and quality construction were evident to the marketplace,” said G.S. Hank Hankins, senior vice president with Colliers International. “Runnymede’s vision and long-term care of this community was reflected in the record-breaking price.”

Owned, managed and developed by a local family office, Saltmeadow Bay has been meticulously maintained, yet offers significant investment opportunity for the new owner. Capital Square 1031 plans to continue renovations on the additional 40 percent of units that are in a classic state.

“Runnymede has traditionally been a long-term holder of the properties we have developed,” said Don Frederick, vice president/CEO of The Runnymede Corporation. “Saltmeadow Bay was considered a highly prized, core asset for us. The design vision of community in harmony with nature came directly from our president, Andrew Fine. We had owned the land for this site since the 1940’s, and it truly cannot be replicated. The Colliers team convinced our ownership that the market was right for this transaction and worked with our management and staff along every step in the process. We are deeply grateful for their professionalism and assistance closing this deal.”

“We are very pleased to work on another successful transaction with the multifamily team at Colliers,” said Whitson A. Huffman, senior vice president, head of acquisitions for Capital Square. “Their broad reaching capabilities and top-notch team allowed us to seamlessly go from PSA to close without issue.”

G.S. (Hank) Hankins, senior vice president; Will Mathews, managing director; Charles Wentworth, senior vice president; Rawles Wilcox, senior vice president; Victoria Pickett, vice president; and Clay Ellis, associate, with the Colliers Mid-Atlantic Team, represented the seller in the transaction.  


About Runnymede Corporation
The Runnymede Corporation is a commercial real estate development and management firm. Runnymede manages a diverse real estate portfolio that includes class A office buildings, multifamily properties, self-storage facilities, office/warehouse, shopping centers, mixed use projects and light industrial.

About Capital Square 
Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity zone funds. Capital Square has completed over $1.3 billion in transaction volume. Capital Square’s executive team has decades of experience real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. In both 2017 and 2018, Capital Square was named by Inc. 5000 as one of the fastest growing companies. In the same years, the company was also ranked on Richmond BizSense’s list of fastest growing companies. In 2019, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” and “Fantastic 50” reports. To learn more, visit www.CapitalSquare1031.com.

About Colliers International Group Inc. 
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, follow us on Twitter: @Colliers and LinkedIn.


For more information, please contact: Cindy Mackey, 757-754-4553, cindymackey@cox.net
 

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