Enterprise Community Development, the Baltimore-based nonprofit affordable housing owner and developer in the mid-Atlantic market, Thursday announced it closed on the sale of Auburn Pointe Apartments in Newport News, Virginia for $28.7 million.
The community, originally purchased by CPDC, an Enterprise Community Development subsidiary, in 2015, was sold to an affiliate of Bethesda-based RailField Partners, who purchased the property on behalf of its RLM Preservation Fund that focuses on preserving affordable housing. The property was sold on Enterprise’s behalf by Drew White, Carter Wood and the team at Berkadia. Aaron O’Toole with Klein Hornig LLP provided counsel to Enterprise, while Cynthia Eagle at Answer Title provided title and escrow services for the transaction.
Built in 1972, the community, located at 496 Catina Way, along the northwestern edge of Newport News in Denbigh, is conveniently located off I-64, offering residents easy access to shopping, the airport and major interstates.
The 274- unit community features one-, two- and three-bedroom apartments along with an array of amenities including a pool, laundry facilities, playground, fitness center and ample parking. Amenities include in-unit washers and dryers, high-speed Internet access and walk-in closets.