Red Oak Capital Holdings, LLC has provided $1.5 million for the acquisition and repositioning of 32 Fenner Apartments, a 32-unit garden-style community located in Norfolk, Virginia.

Previously used for government housing, the vacant property consists of 32 one- and two-bedroom units contained in three two-story buildings located at 7428 Tidewater Drive. The borrower, Community Investment Group, acquired the asset on a discounted basis from the City of Norfolk and plans a full renovation. The multifamily investment firm currently owns 28 communities with nearly 3,500 units across Virginia, Georgia, North Carolina, and Tennessee, valued at approximately $164 million.