No Renegotiation, No Surprises: The Olde Towne Portfolio Closes Over Asking

Some deals are defined by how smoothly they close — and the Olde Towne Portfolio is a prime example. The Uzun Group at Marcus & Millichap announced the successful closing of the Olde Towne Portfolio, a 61-unit multifamily property in the heart of Portsmouth, VA, which sold for $4,400,500.

The sale followed a genuinely competitive bidding process, with multiple offers coming in within the first week of marketing — a strong signal of the demand for well-positioned multifamily portfolios in Portsmouth's core. That early competition ultimately pushed the deal over asking price, and just as notably, the sale price held firm from contract to close with no renegotiation along the way.

That kind of price certainty is rare in portfolio-scale transactions, where due diligence findings often become leverage for buyers to chip away at the agreed price. The Olde Towne Portfolio closing avoided that entirely, delivering the seller a clean, predictable path from accepted offer to closing table. Adding to the deal's significance, the buyer was a repeat client of the Uzun Group, reflecting the kind of long-term trust that continues to drive repeat business across the team's portfolio of transactions.

Together, the early competitive bidding, the over-asking sale price, and the lack of renegotiation tell a clear story: strong marketing and a well-priced asset can produce outcomes that hold up all the way to the closing table.

Thinking about selling a multifamily portfolio in Portsmouth 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.