Virginia Beach firm buys Newport News apartment complex
Virginia Beach- based Croatan Investments has purchased Springhouse Apartment Homes , a 432- unit apartment community in Newport News, with plans for major renovations. "This is a beautiful community with both an incredibly stable operating history and enormous profit potential ," Croatan Managing Partner Paul Van said. Croatan plans to upgrade the common areas, including the exterior, clubhouse and pool area with the addition of an expanded fitness center , a community fire pit and sitting area, according to a news release. Each apartment interior will receive premium silver or black appliances, granite kitchen and bathroom countertops, custom kitchen and bathroom cabinetry with brushed nickel hardware , modern lighting packages and new plush carpeting and wood- grain plank flooring . Established in 2016, the core team at Croatan Investments previously worked together at investment firm FortCap Partners , according to a news release. In early 2016, Croatan purchased...