South Hampton Apartments

The Southampton Apartments is located in Triangle, VA. The subject asset is eighty - three (83) unit separately deeded units. The unit mix includes one-bedroom and one-bathroom, two-bedroom and two-bathroom units, and eight (8) spacious townhomes. Southampton sits atop a spacious 3.63-acre lot with room for additional outdoor amenities for a new owner to add. The property has been operating with virtually no vacancy, offering an opportunity for a new owner to increase rents closer to a market rental rate. The property currently operates at a 5.59% cap rate with a lot of room to grow in the upcoming years. Hampton has seen impressive growth in average rental rates –especially in the B and C asset classes. Since the global pandemic, Triangle has seen a historically high occupancy rate of 97%, and due to the housing and affordability crisis, it is expected to continue through 2023. The high occupancy across Triangle is also contributing to massive percentage increases in year-over-year rent which has been as high as 15% on new leases.