RD Management Acquires Latitudes Apartments in Virginia Beach, Virginia for $67 Million

December 12, 2018

Organization further diversifies its portfolio with new multifamily community

RD Management LLC, one of the nation’s largest privately held real estate development and management organizations, announced today it has acquired an interest in Latitudes Apartments, a 448-unit multifamily community located at 1701 Chase Point Circle in Virginia Beach, Virginia. RD Management purchased the property along with partners Heritage Capital Group and Summit Glory Investment for approximately $67 million.

Latitudes consists of 20, three-story buildings with 448 one-, two-, and three-bedroom units. The garden-style community was built in 1989 and is situated less than three miles east of the Virginia Beach Oceanfront and adjacent to Interstate-264 (the Norfolk-Virginia Beach Expressway), the area’s primary east-west thoroughfare. The thoroughfare provides easy access to downtown Norfolk and the greater Hampton Roads region.

“At RD Management, we’re always searching for opportunities to expand our commercial real estate portfolio,” said Richard Birdoff, principal and president of RD Management. “The acquisition of Latitudes Apartments in Virginia Beach is especially exciting considering the region is consistently ranked as one of the best places to live by Forbes, USA Today, and others, especially among millennials. The asset’s proximity to local attractions and the area’s low cost of living will likely make this a very profitable investment.”

“Being a 3rd generation real estate family with deep roots in multifamily, we know what to look for in our communities. We toured some 20 assets before negotiating to buy Latitudes” said Steven Greenberg, Heritage Principal.  “The seller left a tremendous amount of upside behind on the asset, which we are already in motion to capture. The interior and exterior upgrades will be state-of-the-art together with the planned clubhouse expansion. Both are expected to wow residents.”

When complete, Latitudes Apartments will offer an array of modern amenities. Highlights including a new clubhouse, a fully-equipped 24/7 fitness center, and an expanded sundeck surrounding the pool.

This investment is a redeployment of funds from RD Management’s $5.5 million sale of its former Kmart property in Tolleson, Arizona in August 2018.  It exemplifies the organization’s strategic approach of reinvesting funds in attractive real estate opportunities beyond retail. RD Management’s ongoing portfolio diversification ensures a competitive edge in the commercial real estate industry.

RD Management owns three properties in Virginia and has more than 150 properties in its national portfolio.

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