Berkadia sells Waterman’s Crossing for $31 million

Berkadia, a joint venture between Berkshire Hathaway and Leucadia National Corp., has sold Waterman’s Crossing apartment community in Newport News for $31 million. The sale closed on Oct. 6.

The seller was New York-based Harbor Group International. The buyer, Waterman’s Crossing LLC of New Jersey, plans to upgrade and reposition the property.

The sale involved senior directors Alan Meetze and David Hudgins of Berkadia’s Newport News office.

“Waterman’s Crossing set benchmark pricing in the Newport News market for its asset class,”Meetze said in a statement. “It’s a compelling scenario of a B property in an A location, and the buyer recognized the opportunity for a terrific value-add play.”

Built in 1987, the 260-unit property includes one-, two- and three-bedroom floor plans. Community amenities include a pool with a sundeck, an on-site fitness center, a clubhouse, tennis courts and storage units.

Waterman’s Crossing is located at 638 River Bend Court, near Interstate 64 within eight miles of downtown Newport News. Top employers in the area include Hunting Ingalls Industries, Canon Virginia Inc., Riverside Regional Medical Center and Continental Automotive.