303 Effingham St, Portsmouth, VA 23704

The Heights at Olde Towne (now part of The Myrtles at Olde Towne) are two twin eight-story towers which had fallen into tremendous disrepair prior to 2004. Daniel W. Aston, the partner for Roseland Property Company, purchased the buildings in 2004 and executed a very thorough renovation on the property. The property was purchased due to its location directly across the street from The Myrtles at Olde Towne, which was a new Roseland Property Company development. The overall site is approximately four acres. The property has 148 units, yielding a density of 37 units per acre. The property is surrounded by very large parking fields, having excessive parking.

Mr. Aston oversaw the complete renovation of the interior of each of these apartments and all of the mechanical systems of the buildings. In addition, the exterior of each building was completely renovated, while creating a new clubhouse, fitness center, media room, laundry rooms and pool area. Special attention was given to landscaping which is always a signature item for Mr. Aston and his partners.

The property was repositioned in the marketplace with a renewed rent roll and all new residents. Today the property offers a first-class alternative for residents who work in the area and look for real housing value. The building enjoys a very high occupancy and top of the market rents for a 30-year-old building. The building was sold to a national apartment R.E.I.T.