Colliers Arranges Sale of 196-Unit Indigo 19 Apartments in Virginia Beach to PXV Multifamily

Virginia Beach, Va. — Colliers announced Oct. 1 the sale of Indigo 19 Apartments, a 196-unit multifamily community at 1940 Pavilion Drive in Virginia Beach, Virginia. Colliers represented the seller, Hamilton Zanze, in the sale to PXV Multifamily, which is led by Matt Ferrari.

The transaction was handled by Colliers' National Multifamily Advisory Group, led by Colliers Vice Chair and U.S. Capital Markets Board of Advisors member Will Mathews, Senior Vice President Thomas Leachman and Associate William Dickinson, the firm said.

Indigo 19 Apartments: Property Details

Built in 2013, Indigo 19 is a market-rate community on roughly 3.4 acres in the Virginia Beach Oceanfront submarket. The five-story property offers upscale unit interiors and resort-style amenities, according to Colliers. Units average about 931 square feet and include stainless-steel appliances, granite countertops, brushed-nickel hardware, vinyl-plank flooring and nine-foot ceilings.

The property sits near the Virginia Beach Oceanfront, major employment centers and retail destinations including Whole Foods and Trader Joe's. It also provides access to healthcare, military, logistics and corporate employers throughout the Hampton Roads region. The community was 99% leased at the 2026 closing.

Buyer and Seller Background

PXV Multifamily acquired the property through a joint venture with funds managed by Intercontinental Real Estate Corp. The firm was founded by Ferrari, a former TruAmerica executive, and has stated an objective of acquiring approximately $2 billion of multifamily assets over three years. Indigo 19 was PXV's second investment in a 60-day period. PXV has identified operating improvements and physical renovations as part of its value-creation strategy for the property.

Hamilton Zanze acquired Indigo 19 from Spy Rock Real Estate Group in January 2020 for $41.5 million, or about $211,735 per unit. At that time the property was 95% occupied, and management was transferred to Mission Rock Residential. The sale ends roughly six years of ownership as part of Hamilton Zanze's Virginia Beach–Norfolk–Newport News portfolio.

Broker Comment on the Virginia Beach Multifamily Market

"Affluent demographics, limited new supply and excellent market rent growth have made Virginia Beach one of the region's strongest multifamily markets," Mathews said. "Indigo 19's premier location and strategic value-add potential generated significant investor interest and position the property for continued long-term success."

Colliers described the community as situated in a supply-constrained market with strong occupancy fundamentals and projected rent growth. The firm said future ownership could add value through strategic property improvements while benefiting from the area's diverse employment base and continued population growth.

Market Context

Vacancy in the Norfolk and Virginia Beach markets declined by more than 100 basis points to below 3% in the 12 months ended March 2026, with Class C vacancy below 2%. The improvement followed a period of elevated deliveries.

Nationally, multifamily construction activity has retreated from recent highs. One 2026 market summary cited about 392,000 units under construction, compared with 529,000 new multifamily starts in 2022. A smaller pipeline can reduce competitive pressure on stabilized communities as new deliveries moderate.

A September 2026 apartment cap rate reference listed indicative Virginia Beach rates of approximately 4.70% for luxury Class A, 5.10% for Class B and 6.86% for value-add acquisitions. Those figures are market indications rather than an underwriting metric for Indigo 19.

About Colliers

Colliers describes itself as a global diversified professional services and investment management company operating through three businesses: Commercial Real Estate, Engineering and Investment Management. The firm reports $6 billion in annual revenues, 28,000 professionals and $110 billion in assets under management.

Sources

• Colliers: https://www.colliers.com/en/news/atlanta/indigo-19