Lexington Commons - Newport News, VA

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to exclusively offer Lexington Commons, a 132‑unit community in Newport News, Virginia. Originally developed as a senior LIHTC property, the asset’s affordability and age restrictions expired on December 31, 2025, enabling a full market‑rate conversion beginning January 1, 2026. With an in‑place average rent of $982 and an average comparable market‑rate rent of $1,541, Lexington Commons offers a substantial $559 rent spread and immediate organic revenue growth as units transition to market‑rate. Twenty‑three units are already eligible for market‑rate occupancy as of March 9, 2026, providing near‑term upside. Situated within the Newport News–Norfolk–Virginia Beach MSA—home to the largest concentration of active‑duty military personnel in the U.S., the second‑largest East Coast port, and multiple Fortune 500 employers—the property is supported by one of the country’s most stable employment bases.