Va. Beach apartment complex sells for $36M

Dove Landing, a 318-unit apartment complex in Virginia Beach, has changed hands, Berkadia announced Jan. 31.

Chesapeake-based Community Investment Group bought the property for $36 million from Enterprise Community Development, a nonprofit affordable housing provider in the mid-Atlantic, according to a news release from Berkadia.

Dove Landing, at 5301 Justin Court, was built in 1982, renovated in 2015 and has 318 one- and two-bedroom apartments. The community also has a pool, dog park and laundry facility. The property will be improved and transformed, according to the release.

The deal closed Jan. 18.

“We are proud to add Dove Landing to our quickly expanding portfolio of multifamily properties within the Southeast,” Brad Newton, community executive officer of CIG, said in a statement.

Drew White of Berkadia DC Metro, Carter Wood of Berkadia Norfolk and Cole Carns of Berkadia Richmond led the sale on behalf of the seller.

Patrick McGlohn, Brian Gould, Miles Drinkwalter and Natalie Revers of Berkadia DC Metro, joined by Hunter Wood of Berkadia Richmond, secured a $31.85 million acquisition loan from New York-based Ease Capital on behalf of the buyer.