The Breeden Co. has started the construction of Avant at Huntington Pointe, a $33 million multifamily development in Newport News, Va. Breeden Construction will serve as the general contractor, and the company’s management division will manage the asset once it’s completed.

Located off Denbigh Boulevard, the property will be in the new Huntington Pointe area of Newport News, around 1 mile from another Breeden Co. property at 650 Stoney Creek Lane. The community will be roughly 1.5 miles away from the Newport News/Williamsburg International Airport.

Once completed, the development will encompass 176 one-, two- and three-bedroom units, ranging from 672 to 1,517 square feet. Property amenities will include a fitness center, a community room, and several courtyards.

Hampton Roads' Strong Economy Driving Growth

Besides the Avant at Huntington Pointe, The Breeden Co. is working on several other multifamily projects in the Hampton Roads market, including Lake Taylor Pointe, a $43 million multifamily project in Norfolk, Va. The company broke ground on the 198-unit development in April.

Other projects underway include 15Hundred Hilltop in Virginia Beach, Va., and The Pinnacle on 31st Street, also in Virginia Beach. Overall, The Breeden Co.’s multifamily portfolio encompasses more than 20,000 multifamily units across Virginia.

Steady economic fundamentals will continue to support the growth of the multifamily market in the Hampton Roads metro area. The region gained 10,000 jobs in the 12 months ending in March, according to a first-quarter market report from Newmark, with unemployment hovering at 3.4% in February, down 200 basis points on an annual basis.

Despite a slight moderation in demand, the region’s multifamily occupancy rate stood at 98.3% at the end of the first quarter, creating tight market conditions for investors, the report revealed.