Gates of West Bay

Norfolk, VA

This 202-unit apartment complex is adjacent to Norfolk Naval Base, one of the largest military installations in the world. 90% of tenants were either enlisted or employed by the U.S. Navy.

The asset is located in an infill location that makes new apartment projects nearby unlikely. It is on West Bay Avenue, adjacent to an exit ramp of I-64, the primary east-west thoroughfare for central Virginia. Asking rent projected to grow more than 4% annually through 2011.

The USA Fund strategy is to add value by addressing deferred maintenance issues, improving curb appeal, strengthening property management and leasing at the property and correcting functional obsolescence. All exterior improvements such as signage and landscaping are complete. An additional program to upgrade the "Juniors" (one-bedroom units located in one building) is also complete, which included initiatives to improve energy efficiency and add modern fixtures.

The Dolben Company, a proven third party manager New Boston has used successfully in the past, was hired to manage the asset in April 2008.  Dolben has since increased occupancy and in an effort to reduce the dependency of military tenancy and increase civilian occupancy, Dolben has also initiated an aggressive marketing program to local corporations.  These efforts and others have proven successful in generating increased traffic and tenancy.