Harbor Group International has sold Bancroft Hall, a 244-unit apartment property in Virginia Beach, to S.L. Nusbaum Realty Co. in Norfolk for $24.7 million.
Bancroft Hall is located in the First Colonial corridor of Virginia Beach, near the Sentara Virginia Beach General Hospital. Built between 1968 and 1972, its units range from one-bedroom, garden-style apartments to two- and three- bedroom garden and townhome units.
Community amenities include a dog park, swimming pool, newly remodeled fitness center, children’s playground and media room with WiFi.
Dan W. Johnson, senior vice president ,and Hank Hankins, first vice president, for CBRE|Hampton Roads represented the seller in the transaction.
“This is a classic value-add scenario,” Johnson said in a statement. “Bancroft Hall is an older property in an A+ location where the property stands to be improved dramatically by the interior renovations that S.L. Nusbaum is planning.”