Meridian Obici

Property Overview

Acquired in October 2018, Meridian Obici is a 224-unit, Class-A property located in Suffolk, VA. The property features one, two and three-bedroom apartments ranging from 718 square feet to 1,432 square feet. Units have nine-foot ceilings with high-end design features, including pass-through kitchens that include state of the art appliances, balconies, lighted ceiling fans, and fire suppression systems; satellite television and high-speed internet are included with the rent, as well. Community amenities include a saltwater swimming pool with poolside cabanas, an outdoor kitchen, and a sundeck. The resident clubhouse features a 24-hour fitness center, a multimedia theater with billiards, a game room, and a business center. Other amenities include a car care center and a dog park.

Located on Suffolk’s historic Main Street and in one of the fastest growing cities in Virginia’s Hampton Roads metropolitan region, residents enjoy ease of access to diversified employment base that is continuing to grow rapidly. The quality of the labor force and access to major transportation infrastructure has contributed to business growth and, subsequently, population growth. Meridian residents have access to some of the largest employers in the market, including the Naval Station and Portsmouth Marine Terminal, Sentara Obici Hospital, Target, Sysco, Kraft, Unilever, GEICO and more. In recent years, Suffolk has also become the Caffeine King of the Country with its easy access to the Port of Virginia, one of only two ports on the East Coast certified to exchange coffee imports. Peet’s Coffee, Keurig, J.M. Smucker, Massimo Zanetti Beverage and Lipton have all opened operations in Suffolk.

In a study done for Time magazine in 2017, the Urban Land Institute researched more than 50 urban areas to see which region saw the greatest uptick in millennial residents (ages 24 to 34). Hampton Roads/Suffolk MSA topped the list with 16.4 percent growth. The region also saw a 12.8 percent population change in suburban growth, according to the study.

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