River Breeze Apartments - Cohen Investment Group

Multifamily

Date Acquired: 11-19 -2019
Date Sold: 02-24-2022

168 Heritage Way, Newport News, VA 23602

Gross Internal Rate of Return (IRR): 63.0%

River Breeze Apartments, formally known as Heritage Trace Apartments, was a part of Cohen Investment Group’s James River Multifamily Portfolio.

River Breeze Apartments was a multifamily community with 200 garden-style units located in Newport News, Virginia, a city within the Hampton Roads MSA – the largest metro between Washington, DC and Atlanta, GA.

In just over two years of hold, Cohen Investment Group implemented a select value-add capital expenditure program to improve interior and exterior facets of the property to increase rents and net operating income.

The James River Portfolio consists of the following properties:

•River Breeze Apartments, built in 1973
•Village at Western Branch Apartments, built in 1972

Cohen Investment Group acquired River Breeze Apartments on November 19, 2019 and sold it on February 24, 2022.

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Please give us a call or send us a message if you have any questions or would like to learn more about investment opportunities at CIG.
(757) 490-1193

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