How a 66-Unit Norfolk Portfolio Sold Over List Price in Three Weeks

A buyer secured within three weeks of the first tour. A hard money deposit delivered on day one. A final sale price that closed over list. Few deals move with this much certainty from start to finish — but that's exactly how the Uzun Group at Marcus & Millichap closed the sale of Bayview & Meadowbrook Terrace Apartments, a 66-unit multifamily portfolio spanning 719-723 E Bayview Boulevard and 1524 Longdale Drive in Norfolk, VA.

The portfolio sold for $5,500,000, reflecting a 5.27% cap rate and $83,333 per unit. The marketing process drove multiple best-and-final offers, creating a genuinely competitive bidding environment that helped maximize value for the seller — a clear sign of the depth of investor demand for scaled multifamily portfolios in the Norfolk market.

Speed and certainty defined the rest of the deal. The winning buyer emerged just three weeks after the first property tour, and rather than waiting on the standard due diligence timeline to build confidence, that buyer backed their offer with a hard money deposit from day one — giving the seller immediate security that the deal would close. That combination of a fast timeline, a secured deposit, and a final price above list is a rare trifecta, and it reflects the strength of both the asset and the marketing process behind it.

Portfolio transactions of this scale don't happen without a well-run process, and this closing stands as one of the Uzun Group's most significant multifamily deals in the Hampton Roads market to date.

The deal was led by Altay Uzun, alongside team members Justin Ferguson and Jack Carroll, who worked together to bring the transaction to a successful close.

Thinking about selling a multifamily portfolio in Norfolk or elsewhere in Hampton Roads? The Uzun Group offers free property valuations for owners looking to understand what a competitive marketing process could mean for their asset.