Why Effingham Green Sold Over Asking in a 17-Unit Portsmouth Deal

Multiple offers. A sale price above ask. A 6.75% cap rate on a 17-unit asset. Every marker of a well-run deal shows up in the Uzun Group's closing of Effingham Green, a multifamily property in Portsmouth, VA that traded for $2,400,000, or $141,176 per unit.

Selling over asking price doesn't happen by accident. It's the result of pricing a property accurately from the start, then running a marketing process tight enough to generate real competition among buyers. That's exactly what unfolded with Effingham Green — multiple offers were procured before the deal was struck, giving the seller leverage to land above their initial ask.

For buyers, a 6.75% cap rate on a 17-unit property remains a compelling entry point into the Portsmouth multifamily market, offering solid in-place income with the kind of scale that's manageable for a wide range of investors. It's a deal size and return profile that continues to draw consistent interest across Hampton Roads.

Altay Uzun, Justin Ferguson, and Jack Carroll worked the deal together, bringing Effingham Green from listing to a successful, over-ask closing.

Curious what a competitive marketing process could mean for your property? The Uzun Group offers free multifamily valuations for owners across Portsmouth and Hampton Roads.