Stuart Gardens I & II Newport News, Virginia

These combined 491 unit complexes have been managed by Frye Properties, Inc. since 1990. Rents are assisted by the federal government through the Section 8 housing program administered by the Virginia Housing Development Authority. The contracts, through which these apartments are assisted, as well as the existing mortgages for both properties, expire in 2010 and 2011. The property sits on a beautiful 52-acre site on the Hampton Roads Harbor and represents a great opportunity for future development.