NEWPORT NEWS, Va., Nov. 30, 2021 /PRNewswire-PRWeb/ -- On the heels of successful acquisitions and renovations across the globe, New York based equity firm Beitel Group has tapped Drucker + Falk (DF) to manage their newest acquisition, Coastline Apartments in Virginia Beach, and to oversee a planned multimillion dollar property renovation. With a real estate portfolio exceeding 1 billion, and a 75-year performance history of delivering 25% average IRR on investments, Beitel Group follows an acquisition strategy of acquiring undermanaged assets, that with increased capital and hands on asset management, offer substantial value add upside.
Coastline is a 600-unit community located in the heart of Virginia Beach, with easy access to military bases, Interstate and main arteries connecting Norfolk and Virginia Beach.
Ben Beitel, CEO, Beitel Group, said, "Partnering with consistently reliable, professional and responsive management who understands our core mission of providing quality housing for our residents and solid returns for our investors is essential. Drucker + Falk works exceptionally well with our hands-on asset management team, and from site operations through transparency of financial reporting, continues to distinguish themselves as our 'go to' management partner of choice."
Coastline boasts some of the largest floor plans in the market, and the property will undergo finish and amenity upgrades, further enhancing the living experience for its residents.
"There's nothing we love more than taking a property in a solid location and working with owners to execute a value-add strategy that yields strong returns for investors and a fresh, functional and exciting new space to call home for our residents," said Tracy Walters, Drucker + Falk Regional Property Manager overseeing the asset. "Everyone wins."
Virginia Beach is a stronghold for Drucker + Falk, with the Coastline assignment coming on the heels of one of the most robust multifamily management growth periods in the firm's history. "We look forward to providing the same focus on performance at Coastline Apartments that has been integral to our notable growth and well-regarded operating success in the multifamily space as recently evidenced at Providence Green Apartments in Virginia Beach for these same owners," said Deidre Brown, Drucker + Falk Multifamily Director. Brown and her team oversee more than 10,000 apartments in the Hampton Roads market.
A full-service real estate services and investment firm, Drucker + Falk was founded in 1938, currently employs more than 1,000 team members and has multifamily operations in 11 states.
"It's so exciting to grow an existing client relationship. The depth of talent, commitment and operating performance of our site teams is simply second to none, and it is why for almost 84 years, we have continued to earn the trust and respect of valued clients like Beitel Group," said Wendy Drucker, Managing Director and firm Principal at Drucker + Falk.
Founded in 1938, Drucker + Falk is a full-service real estate and investment firm, managing a diverse portfolio of more than 40,000 apartments in 11 states including Virginia, Maryland, North Carolina, South Carolina, Georgia, Florida, Tennessee, Indiana, Kentucky, Ohio, and Texas. With roots in third party fee management, Drucker + Falk specializes in multifamily management of all asset types, new development construction consultation and lease up, urban revitalization, asset repositioning and stabilization of challenging properties, mixed use management and due diligence services. With more than 3 million square feet under management, Drucker + Falk also offers commercial sales, leasing and management services.
To obtain more information, please visit our website or contact Lisa Brewer, Business Development Director at [email protected].
Media Contact
Amanda McCrowell, Drucker + Falk, 757-406-1187, [email protected]
Lisa Brewer, Drucker + Falk, (757) 928-6213, [email protected]
SOURCE Drucker + Falk
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