North Bay Group, LLC (the “Company”) is a professional services firm trading as North Bay Properties and headquartered in Virginia Beach, Virginia and Wellington, Florida. The Company was founded in 1998 in order to take advantage of opportunities to acquire and substantially rehabilitate multifamily housing. The Company or its principals own and/or manage over 1,433 up-scale apartments in Virginia Beach, Hampton, Newport News, Charlottesville, Norfolk and Greensboro. During the past several years The Company participated as General Partner, Class A Builder, key development team member, or partner in the rehab of these apartments totaling $27.9 million or $18,712 per unit. The Company’s role was negotiating real estate acquisitions, performing feasibility studies, market analysis, development of rehab strategy and budgets, raising equity funding, obtaining permanent and construction mortgage financing, and building or substantially rehabbing units utilizing its Class A Builders license. This rehab modernized and repositioned each complex into the top end of the rental market substantially improving the appearance, physical condition, resident lifestyle, and surrounding areas of each property. After-rehab monthly rental rates increased an average of $160 per unit ensuring financial stability for each property in future periods.
The Company or its principals participated as a key development team member in the rehab and repositioning of another 1,175 units with a total rehab expenditure of $24.7 million or $21,021 per unit. The Company obtained $132 million of financing relating to 11 acquisition/refi/rehab projects since its inception.
The Company owns and manages 675 multi-family units in Hampton, Newport News, Chesapeake, Suffolk & Norfolk, Virginia and several properties in Palm Beach County Florida. The Company’s principal is the sole or majority owner of these properties.