Norfolk to buy Alexis Apartments

March 19, 2008

City Council voted last night to purchase the Alexis Apartments in Titustown for a total of 2.4 million dollars.  The apartments on the north side of W. Little Creek Road will be purchased first and the apartments on the south side of W. Little Creek Road will be purchased after the City Council has an opportunity to allocate funds in the upcoming budget.

The apartments at 1210 W. Little Creek Road (north side of W. Little Creek) will be purchased for $960,000 and the closing date will be as soon as the terms and conditions of the Purchase and Sale Agreement are met.  The apartments at 1227 and 1229 W. Little Creek Road (south side of W. Little Creek) will be purchased for $1,440,000 and the closing date will be as soon as possible after July 1, 2008.

The Purchase Agreement does state that all leases for all apartments must be terminated by the closing date of the 1227 and 1229 properties.

According to the Virginian-Pilot article, it is likely the Titustown Recreation Center will use a portion of the property to expand its parking.


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