Greysteel, a national commercial real estate investment services firm, has been named exclusive advisor and agent for the sale of Newport Harbour, a government-subsidized multifamily community located in Newport News, VA.

Greysteel Senior Investment Associate Alicia Orkisz, of the Company’s Washington, DC office, is marketing the property.

Located at 2325 Madison Avenue, Newport Harbour benefits from a project-based Section 8 Housing Assistance Payments (HAP) contract, which provides rental subsidies for 199 units. The Project also operates under the Section 42 Low Income Housing Tax Credit (LIHTC) program and was rehabbed in 2002.

The property is well-positioned in Virginia’s second largest metropolitan area. Hampton Roads is host to 12 major military bases, including Naval Station Norfolk, the world’s largest naval base.

“With average market rents increasing approximately 5% between 2014 and 2015, Newport News has proven to be an exceptional market for Section 8 investors,” said Ms. Orkisz. “The Project’s QCT location will also be a value point for affordable housing developers looking to recycle credits.”

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with eight offices located in Phoenix, AZ; Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; Fort Worth, TX; and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. www.greysteel.com