Newbrook Capital Properties Acquires 340-Unit Multifamily Portfolio in Norfolk Metro for $58.2 MM
1500 Emerald Lake Circle
NEW YORK – Nov. 18, 2025 – PRLog — Newbrook Capital Properties, a non-public multifamily investment firm, has obtained a Nineties vintage two-property portfolio totaling 340 objects in the Norfolk, VA metropolitan location for $58.2 million. The acquisition entails Green Tree, a 208-unit garden-model neighborhood located at 749 Green Tree Circle in Chesapeake, VA, and Emerald Lake, a 132-unit garden-model property located roughly 40 minutes south at 1500 Emerald Lake Circle in Elizabeth Metropolis, NC.
The portfolio used to be 98% occupied at closing, reflecting stable leasing fundamentals. Building on the particular efficiency, Newbrook has identified a compelling fee-add opportunity to renovate roughly 70% of the unit interiors, which largely feature normal finishes. StoneCreek has been engaged to offer genuine property administration providers and products to spice up operations, elevate the resident experience, and power long-time duration efficiencies for Newbrook.
The Norfolk Metropolitan Situation benefits from a constrained housing offer, supported by a resilient and diversified financial unsuitable. The market is underpinned by strategic sectors akin to protection, logistics, healthcare, and authorities. A key catalyst for regional progress is The Port of Virginia—ranked as the third finest and among the many most superior ports on the U.S. East Soar. Supporting over 400,000 jobs, the port drives huge financial thunder and fuels fixed keep a matter to for team housing, critically in excessive-progress submarkets admire Norfolk and Chesapeake.
Newbrook Capital Properties used to be co-founded in boring 2023 by hedge fund supervisor Robert Boucai and James Broyer, mild president of multifamily investments at JRK Property Holdings. Since inception, the firm has obtained a geographically diversified portfolio totaling roughly $400 million in sources under administration, encompassing more than 2,000 objects all over 5 states: Colorado, North Carolina, Ohio, Missouri, and Virginia.
“Our approach is constructed round figuring out mispriced, excessive-quality sources in essential and secondary markets with sturdy multifamily fundamentals, small offer, elevated occupancies, and rental upside,” stated Broyer. “This fashion permits us to bear properties at a excellent looking out fee foundation with long-time duration fastened-fee financing and retain them for longer periods, while producing stable revenue progress and fixed, outsized money yields for our investors.”
The firm’s differentiated plan is designed to attraction to family areas of work looking out for tax-surroundings pleasant multifamily investments. Newbrook’s investments accept as true with ranged from $20 million to $95 million, providing flexibility and fetch admission to to markets many times not neatly-known by elevated institutional avid gamers, in response to Broyer.
“We stay versatile in our deal structuring, managing acquisitions on a deal-by-deal foundation while exploring fund and joint mission devices for future progress,” he stated.
The acquisition used to be leveraged with assumable below-market Fannie Mae financing with eight years of time duration remaining and over 150 foundation factors of quick particular leverage relative to the in-plight cap rates.
The seller used to be represented by Hunter Bowling and Paul Marley of Cushman & Wakefield on the sale of Emerald Lake, and by Drew White and Carter Wooden of Berkadia on the sale of Green Tree.
About Newbrook Capital Properties
Newbrook Capital Properties (“Newbrook”) is a family plight of job backed non-public valid property investment firm located in Novel York Metropolis and Los Angeles. The firm used to be founded to bear and arrange multifamily properties with a spotlight on fee-add opportunities and stable in-plight money waft that generates stable and tax-surroundings pleasant complete returns. Extra data is available at www.newbrookcapital.com.
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