PXV Multifamily Acquires Virginia Beach Apartment Complex

The firm purchased the 196-unit Indigo 19 community located at 1940 Pavilion Drive.

Updated on Oct. 16, 2026 in Commercial

PXV Multifamily Acquires Virginia Beach Apartment Complex

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PXV Multifamily has completed the acquisition of Indigo 19, a 196-unit apartment complex in Virginia Beach. The property, built in 2013, was 99 percent leased at the time of the transaction.

Why it matters

This acquisition capitalizes on the strong economic fundamentals and sustained renter demand currently observed within the Virginia Beach submarket.

The Indigo 19 community features 196 units with an average size of 931 square feet. PXV assumed a Freddie Mac loan for the purchase, which currently holds a fixed interest rate below four percent and has 41 months remaining on its term.

The players

PXV Multifamily

This investment firm focuses on acquiring multifamily real estate assets with a target of $2 billion in acquisitions over the next three years.

Intercontinental Real Estate Corporation

This investment firm manages funds and partnered with PXV Multifamily to facilitate the joint venture acquisition.

Greystar

This global real estate company provides property management services for residential communities and commercial properties.

The details

PXV Multifamily acquired the property through a joint venture with funds managed by Intercontinental Real Estate Corporation and has selected Greystar to oversee on-site property management. The company plans to modernize the community by renovating apartment interiors and improving common areas as units become available for turnover.

The Indigo 19 apartment community was built in 2013.
The acquisition of Indigo 19 was completed on October 16, 2026.

Culture Shift

This acquisition aligns with the firm's broader institutional strategy to aggregate multifamily assets in high-demand growth markets. The move follows a pattern of recent expansion, as the company seeks to build a $2 billion portfolio of residential units over the next three years.

Residents at the property should expect potential operational updates as new management takes over and renovation plans for common areas begin. These improvements are intended to enhance living standards at the site as current leases cycle through upcoming turnover periods.

The takeaway

Large-scale acquisitions by investment firms often signal upcoming capital improvements that may change the day-to-day amenities available to residents. Tenants should keep an eye on official building communications regarding construction schedules for common areas or unit upgrades.