Portsmouth Value-Add Deal Draws Repeat Out-of-Area Buyer | Marcus & Millichap

A stabilized asset with real operational value-add potential drew exactly the kind of investor interest you'd expect: six offers on a single 8-unit property. That's the story behind the Uzun Group's latest Hampton Roads multifamily closing — the sale of 201 Dixie Avenue in Portsmouth, VA, which sold for $900,000, or $112,500 per unit.

The property's combination of in-place stability and clear value-add upside proved to be a winning formula in the market, with the Uzun Group procuring six offers before landing on the winning buyer. That kind of competition on an 8-unit deal underscores just how much demand remains for operationally sound multifamily assets in Portsmouth and the broader Hampton Roads multifamily market — particularly those offering a credible path to additional upside for the next owner.

Adding to the significance of the closing, the buyer was a repeat, out-of-area client of the Uzun Group — a reflection of the trust and long-distance relationships the team has built with investors who look to Hampton Roads for opportunity even when they aren't based in the region. For out-of-market buyers, that kind of established relationship with a local team can make all the difference in moving confidently on a deal.

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

Thinking about selling a multifamily property in Portsmouth or elsewhere in Hampton Roads? The Uzun Group offers free property valuations for owners looking to understand what today's investor demand could mean for their asset.