Posted

Enterprise Community Development Closes on Sale of Auburn Pointe Apartments
in Newport News, Virginia

Baltimore, MD (5/11/22)Enterprise Community Development, the largest non-profit affordable housing owner and developer in the Mid-Atlantic market, today announced the company has closed on the sale of Auburn Pointe Apartments in Newport News, Virginia for $28.7M.

“The sale of Auburn Pointe provides a great opportunity for Enterprise Community Development to support our growth and operations throughout the Mid-Atlantic region,” said Todd Del Tufo, vice president of Asset Management. “We look forward to expanding our high-impact residential development, preservation, property management and resident supportive services for the most at-risk members in our communities.”

The community, originally purchased by CPDC, an Enterprise Community Development subsidiary, in 2015, was sold to an affiliate of Bethesda, MD-based RailField Partners, who purchased the property on behalf of its RLM Preservation Fund that focuses on preserving affordable housing. The property was sold on Enterprise’s behalf by Drew White, Carter Wood and the team at Berkadia. Aaron O’Toole with Klein Hornig LLP provided counsel to Enterprise, while Cynthia Eagle at Answer Title provided title and escrow services for the transaction.

“Auburn Pointe is an ideal acquisition for RailField,” said Ken Bacon, co-founder and managing partner of RailField. “This property, which is well-maintained and in a strong market, gives us the opportunity to continue to provide much needed affordable housing.”

“In today’s red hot and super competitive real estate market, we at Enterprise have been especially concerned with affordability as it continues to become tougher for families on budgets to find good housing options,” explained Brian McLaughlin, President of Enterprise Community Development. “It was critical for us to identify the right buyer for this beautiful community. Railfield’s experience and shared commitment to affordability proved to be a winning combination not only for us at Enterprise, but also for the hundreds of families living on a budget that will benefit now and in years to come.”

Built in 1972, the community, located at 496 Catina Way, along the northwestern edge of Newport News in Denbigh, is conveniently located off I-64, offering residents easy access to shopping, the airport and major interstates. The 274- unit community features one-, two- and three-bedroom apartments along with an array of amenities including a pool, laundry facilities, playground, fitness center and ample parking. Amenities include in-unit washers and dryers, high-speed Internet access and walk-in closets. The property will continue to provide high-quality, affordable housing to the residents of Newport News for the foreseeable future.

Enterprise Community Development is the top nonprofit owner and developer of affordable homes in the Mid-Atlantic and is an affiliate of Enterprise Community Partners. Formed from two Mid-Atlantic affordable housing powerhouses, Enterprise Homes, Inc. and Community Preservation and Development Corporation, Enterprise Community Development specializes in high-impact residential development, property management and resident supportive services. With 60 years of collective experience, Enterprise Community Development’s $1 billion portfolio includes 16,000 well-designed homes in over 110 communities to support over 22,000 residents. Enterprise has offices in Baltimore, Washington, DC and Richmond and is part of the Enterprise Community Partners’ family of companies. For more information, visit www.enterprisecommunitydevelopment.org.

RailField Partners has a deep understanding of the multifamily industry and a track record of success developed over 20-plus years together as investors and lenders. Founded in 2013 by former Fannie Mae multifamily executives who have worked with the largest players in the industry, RailField Partners focuses on high-quality multifamily assets while seeking to minimize risk, generate above-market returns to investors, and create a sense of community for its residents. To date, RailField has expanded its footprint from an initial focus on assets in Texas to the Mid-Atlantic and Southeast. RailField’s high level of experience provides access to local market expertise and a robust pipeline of opportunities, including off-market deals and favorable debt executions. For more information, visit www.railfieldrealty.com.

(240) 743-3315 4600 East West Hwy Suite 610 Bethesda, MD 20814 Railfield is an experienced multifamily investment and asset management firm focused on creating value for both our investors and the residents of our communities.