The Myrtles at Olde Towne
The Myrtles at Olde Towne was the first development of Daniel W. Aston as the partner for Roseland Property Company in the Hampton Roads area. The location is a 10-acre site at the front door to the Portsmouth Naval Medical Center. The property was previously the site of the Portsmouth General Hospital. Mr. Aston successfully negotiated the purchase of the property from the Portsmouth Redevelopment & Housing Authority. The original contract was negotiated on behalf of The Whitmore Company. The pledge to the housing authority was to build first-class institutional quality apartment homes on the site.
The Myrtles at Olde Towne is a 246-unit elevator served apartment property (one and two bedroom units). The buildings are Georgian architecture and all of the buildings are three stories in height. Each building has a central corridor. The site also has an extensive clubhouse and garages throughout the site. The property was built in 2004 and during the first few years of renting, the site commanded the highest rents in the Hampton Roads marketplace and altered the market expectation for quality housing. In addition, the property has won numerous awards for the finest multi-family development in Hampton Roads.
Today the property enjoys very high occupancy and rents over $1.30 per square foot. The property was sold to a national apartment R.E.I.T.