Newbrook Capital Properties Acquires 340-Unit Multifamily Portfolio in Norfolk Metro for $58.2 MM

NEW YORK - EntSun -- Newbrook Capital Properties, a private multifamily investment firm, has acquired a 1990s vintage two-property portfolio totaling 340 units in the Norfolk, VA metropolitan area for $58.2 million. The acquisition includes Green Tree, a 208-unit garden-style community located at 749 Green Tree Circle  in Chesapeake, VA, and Emerald Lake, a 132-unit garden-style property situated approximately 40 minutes south at 1500 Emerald Lake Circle in Elizabeth City, NC.

The portfolio was 98% occupied at closing, reflecting strong leasing fundamentals. Building on the positive performance, Newbrook has identified a compelling value-add opportunity to renovate approximately 70% of the unit interiors, which largely feature original finishes. StoneCreek has been engaged to provide professional property management services to enhance operations, elevate the resident experience, and drive long-term efficiencies for Newbrook.

The Norfolk Metropolitan Area benefits from a constrained housing supply, supported by a resilient and diversified economic base.  The market is underpinned by strategic sectors such as defense, logistics, healthcare, and government.  A key catalyst for regional growth is The Port of Virginia—ranked as the third largest and among the most advanced ports on the U.S. East Coast.  Supporting over 400,000 jobs, the port drives substantial economic activity and fuels consistent demand for workforce housing, particularly in high-growth submarkets like Norfolk and Chesapeake.

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Newbrook Capital Properties was co-founded in late 2023 by hedge fund manager Robert Boucai and James Broyer, former president of multifamily investments at JRK Property Holdings. Since inception, the firm has acquired a geographically diversified portfolio totaling approximately $400 million in assets under management, encompassing more than 2,000 units across five states: Colorado, North Carolina, Ohio, Missouri, and Virginia.

"Our strategy is built around identifying mispriced, high-quality assets in primary and secondary markets with durable multifamily fundamentals, limited supply, elevated occupancies, and rental upside," said Broyer. "This approach allows us to acquire properties at an attractive cost basis with long-term fixed-rate financing and hold them for longer durations, while generating stable income growth and consistent, outsized cash yields for our investors."

The firm's differentiated approach is designed to appeal to family offices seeking tax-efficient multifamily investments. Newbrook's investments have ranged from $20 million to $95 million, providing flexibility and access to markets often overlooked by larger institutional players, according to Broyer.

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"We remain flexible in our deal structuring, managing acquisitions on a deal-by-deal basis while exploring fund and joint venture models for future growth," he said.

The acquisition was leveraged with assumable below-market Fannie Mae financing with eight years of term remaining and over 150 basis points of immediate positive leverage relative to the in-place cap rates.

The seller was represented by Hunter Bowling and Paul Marley of Cushman & Wakefield on the sale of Emerald Lake, and by Drew White and Carter Wood of Berkadia on the sale of Green Tree.

About Newbrook Capital Properties
Newbrook Capital Properties ("Newbrook") is a family office backed private real estate investment firm located in New York City and Los Angeles. The firm was founded to acquire and manage multifamily properties with a focus on value-add opportunities and strong in-place cash flow that generates stable and tax-efficient total returns. Further information is available at www.newbrookcapital.com.