The Quarters at Park View was The Whitmore Company’s first ground-up development, completed in 2015. The opportunity originated from TowneBank’s foreclosure of the site, which had previously operated as a used car lot. TowneBank offered the property to Whitmore at a highly favorable price, creating a compelling redevelopment opportunity.

At the time, the primary challenge was the perceived stigma associated with Portsmouth, Virginia, a market that had historically been underserved by high-quality rental housing. As a local developer, however, Whitmore had firsthand experience with the strong demand for quality multifamily housing driven by Portsmouth’s major employers, particularly the Portsmouth Naval Hospital, as demonstrated by the success of The Myrtles at Olde Towne.

The development strategy focused on delivering smaller, high-quality projects throughout the downtown district to establish a critical mass of well-designed housing. Each Whitmore property shared consistent quality and amenities, including elevators and all-brick construction. Ultimately, this strategy resulted in the development of 299 units across downtown Portsmouth, all of which were sold at a record price.

As with many urban infill projects, the site required rezoning to achieve the necessary density. The Quarters at Park View comprises 140 units on 3.6 acres, equating to approximately 38 units per acre with at-grade parking. The site offered excellent visibility, strong access, and close proximity to thousands of jobs, making it an ideal location for multifamily development.

The project consisted of two four-story buildings and one three-story building, all clad in white brick. Virginia Housing served as the construction lender and was a highly cooperative partner throughout the development process.

During preliminary lease-up, the property experienced a significant setback when a fire caused approximately $8 million in damages. The fire was later determined to have originated when a resident improperly disposed of a cigarette in a weep hole within a brick column. Fortunately, there were no injuries.

Recovering from the fire required navigating both the insurance claims process and the reconstruction of the damaged buildings—each a time-intensive and complex effort. Ultimately, the property was fully rebuilt and the insurance claim successfully resolved.

Following reconstruction, the property leased up rapidly and achieved some of the highest rental rates in Portsmouth. The strong performance drew substantial investor interest and ultimately led to the sale of Whitmore’s entire Portsmouth portfolio—The Quarters at Park View, Sterling King Apartments, and Crawford House—at a record price.