Published Date: 11/12/2025
The Fund acquired the Pillars at Great Bridge apartments, a 192-unit apartment complex located in Chesapeake, Virginia on November 12th. The property is in a submarket with strong rent growth and no new supply within a five-mile radius. We originally were awarded the property at $42.5MM but during the initial due diligence period we became aware that bond-restricted affordable units were not set to expire as advertised by the seller. After weeks of negotiations with the seller, we were successfully able to agree on a new purchase price of $38,250,000. The property was acquired with our joint venture partner Xyston Capital Management which owns 60% of the equity, the Fund owning 34% and the remaining 6% being owned by McDowell affiliates.
