Skip to main content Skip to footer

Colliers announces sale of The Lafayette in Norfolk to PRG Real Estate

Norfolk, VA, August 3, 2022 – Colliers is pleased to announce the sale of The Lafayette, a prominent Norfolk tower, from Graycliff Capital Partners & Buligo Capital Partners to PRG Real Estate.  

The Lafayette, a riverfront apartment community with scenic views of the Norfolk skyline, is comprised of 168 spacious units with recently upgraded amenities and common areas. The well-located asset is convenient to employers and an abundance of retail and entertainment in downtown Norfolk.  

“Graycliff and Buligo executed a targeted strategy successfully elevating The Lafayette’s common areas to compete with newer apartment communities in the market. With PRG now at the helm, The Lafayette is well positioned to remain one of the most sought-after towers in Norfolk,” said Victoria Pickett, senior vice president at Colliers.

The acquisition of The Lafayette, marks PRG’s seventh apartment investment overall in Hampton Roads. The new owners will capitalize on additional rent growth by continuing the value-add program targeted at upgrading remaining unit interiors at The Lafayette.

G.S. (Hank) Hankins, executive vice president; Victoria Pickett, senior vice president; Charles Wentworth, executive vice president; and Garrison Gore, vice president, with the Colliers Virginia Multifamily Team represented the sellers in the transaction.

 

Related Experts

George Hankins

Executive Vice President

Norfolk - Main

George Hankins (Hank) is a Senior Vice President of Investment Properties, specializing in the execution of multifamily property sales throughout the Hampton Roads metropolitan area. Hank is an integral part of the underwriting, marketing and sales process for multifamily properties and promotes Colliers' platform in the Southeastern region of Virginia. 

During his career, Hankins has been involved in more than $1 billion in multifamily sales throughout the Hampton Roads and Richmond markets. In addition to dispositions, Hankins has also held the role as principal partner for Croatan Investments, leading their acquisitions team as it closed $125 million in multifamily property transactions in Virginia and North Carolina in a two-year period.

View expert

Victoria Pickett

Senior Vice President

Norfolk - Main

As part of the Colliers International Multifamily Advisory Group, Victoria specializes in the exclusive listing of multifamily properties throughout Virginia. To date, Victoria has transacted 75 multifamily or multifamily land opportunities totaling in excess of $1.5B  in sales volume with her mid-Atlantic team. She earned "Rookie of the Year" in 2017 from Hampton Roads Commercial Sales and Leasing Achievement Awards. Pickett has seven years' experience in multifamily disposition or underwriting, with former roles as financial analyst, market researcher, and auditor.

Prior joining Colliers International, Victoria was Vice President of Multifamily Investment Sales with CBRE|Hampton Roads, part of the CBRE affiliate network. Before brokerage, she was Financial Analyst and Market Researcher where she led the underwriting of income producing properties and research reporting. 

Early in her career, Victoria worked as an auditor and consultant for DHG LLP, a top 20 public accounting firm, where she primarily served commercial real estate and financial institution clients, specializing in multifamily housing and bank lending operations. Prior experiences include audits of VHDA and HUD-assisted projects, multifamily property management consulting and compliance, and audits of development cost certifications.

View expert

Charles Wentworth

Executive Vice President

Richmond - North

Charles Wentworth has been actively involved in the commercial real estate field since 2007 focusing on multifamily acquisitions and sales in the Mid-Atlantic and Southeast. Charles joined the firm in 2012 to specialize in multifamily sales and represents private, high net-worth, and institutional clients in the central and western Virginia markets.  Since joining the firm, Charles has successfully completed transactions totaling $350 million.

Previously, Charles was an Associate for Apartment Realty Advisors (Now ARA Newmark) in Charlotte, North Carolina, one of the country’s largest multi-family brokerage firms. While an Associate with the firm, the group brokered nearly $2 billion of apartment communities in the primary, secondary, and tertiary markets of North Carolina and South Carolina.

Prior to starting a career in real estate, Charles held various sales and management positions with Ferguson Enterprises, the country’s largest supplier of plumbing, heating, and building products. Charles began his career with the firm as a management trainee in Tampa, Florida and was later promoted to management positions in Gainesville, Florida and Santa Monica, California.

View expert

Garrison Gore

Vice President

Richmond - North

As an Associate and Financial Analyst with the Capital Market Advisors team in the Colliers International Richmond, Virginia office, Garrison participates in all facets of the investment transaction process, including investor communication, financial analysis, analytical decision support and technical expertise. With over $1 Billion in valuation experience, Mr. Gore utilizes Argus to analyze opportunities and enhance clients’ real estate investment strategies.

Prior to joining the Capital Market Advisors Team, Garrison developed his foundation in commercial real estate by first interning with the firm, where he developed a broad understanding of the valuation of various property types including office, industrial, and retail throughout the Mid-Atlantic.

Garrison attended the Moore School of Business at the University of South Carolina, where he studied finance and real estate, complimented by a minor in civil engineering.

View expert