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Tag: Berkadia

Vanguard Landing apartments under construction in Va. Beach

Vanguard Landing, an “intentional community” specifically designed for people with intellectual and developmental disabilities, is under construction in Virginia Beach. Developers broke ground on the first phase in April and started construction in earnest in May.

The mixed-use community, which claims to be the first of its kind in Virginia, will eventually have housing for about 185 people and an additional 50 people who will be day participants who live elsewhere but come to the community for programs. The housing will be one-story cottages with multiple bedrooms and one-bedroom townhomes. The community, located at 2016 Princess Anne Road in Virginia Beach, is designed for people with intellectual and developmental disabilities, but its housing will be open to anyone.

The first phase, which will cost about $36 million, will take about two years to build, with completion expected in spring 2026. It will have housing for 128 people. Along with the residences, the development’s first phase will include a small gift shop selling repurposed or upcycled household furniture and other household items. Residents will begin moving in once the first phase is complete, according to Debra Bond Dear, founder and executive director of Vanguard Landing.

“Planning and financing, including fundraising, for future phases will begin soon. Although there is no set timeline for the future phases, the plan is to complete the development in a timely manner,” Dear said in a statement.

Once built out, Vanguard Landing will have a special events center, a guest house, a cafe, a bakery, a larger gift shop and a farm stand to sell what is grown in an on-site garden. An education center and a thrift shop are also in the plans, which will be run by or in partnership with Vanguard Landing, giving the community’s residents employment opportunities.

The community will also have its own vans to provide transportation to residents. Vanguard Landing will accept both private pay and a combination of private pay and Medicaid waivers.

“This groundbreaking represents years of hard work and an unwavering commitment to support families who have loved ones with developmental disabilities,” Dear said in a statement. “It’s so exciting to see the vision of Vanguard Landing becoming a reality. We are so grateful to everyone who has supported this project. It’s truly taken a community of people who care deeply for those with developmental disabilities.”

John Reed of Berkadia Richmond and John Richards with Berkadia Norfolk secured $31.85 million in construction/permanent financing through the Virginia Housing Development Authority on behalf of the nonprofit developer. The deal closed on April 29.

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.

 

Norfolk apartment complex sells for $38.5M

Enterprise Community Development, a nonprofit affordable housing provider, has purchased Woodmere Trace, a 300-unit Norfolk community, from Raleigh, North Carolina-based Fulton Peak Capital.
Enterprise closed the $38.5 million sale on Dec. 20, 2023. Woodmere Trace is located at 6741 Tanners Creek Drive. The 300 garden-style apartments, comprised of one- and two-bedroom units, were built in 1974 and renovated in 2014. The community has a swimming pool, laundry facilities, a fitness center, picnic pavilion, playground and dog park.
Berkadia secured the sale and financing for the deal. Patrick McGlohn, Brian Gould and Miles Drinkwalter of Berkadia DC Metro and Hunter Wood of Berkadia Richmond secured $25.5 million in Fannie Mae acquisition financing on behalf of the buyer.

Norfolk townhome community sells for $77M

Crown Point Townhomes, a 480-unit apartment community in Norfolk, has sold for $77 million, Berkadia announced Monday.

Bush Cos. sold the property, at 5371 Wyngate Drive, to a New Jersey-based buyer.

The garden-style, multifamily property has two-, three- and four-bedroom floor plans and is located near Military Circle Mall.

David Hudgins of Berkadia Newport News completed the sale on behalf of the buyer. The deal closed on Oct. 29.

Lumen apartments sell for $82M in Hampton

New York-based Kushner Cos. has purchased the 300-unit Lumen luxury apartment complex in Hampton for $82 million, Berkadia Institutional Solutions announced Thursday.

Located at 2100 N. Campus Parkway near the Hampton Roads Center business park, the Lumen complex was sold by a partnership formed by Virginia Beach-based real estate development company L.M. Sandler & Sons and North Carolina-based Craig Davis Properties Inc. The deal closed on Sept. 27.

The complex includes studio, one-, two- and three-bedroom apartments with in-unit washers and dryers, granite countertops and stainless steel appliances.

Drew White of Berkadia D.C. Metro and Carter Wood of Berkadia Norfolk represented the seller.

Three Blacksburg housing complexes sold for $146M

Three off-campus housing complexes in Blacksburg geared toward Virginia Tech students have been sold for $146 million in a deal closed May 5, Berkadia announced Friday. The buyer, California-based Reliant Group, added the portfolio to its earlier purchase of a student housing property near Virginia Tech.

According to Montgomery County property records, Reliant Group-connected CAP IX Collegiate Suites LLC purchased Hunters Ridge, a 72-unit property at 1401 and 1441 Seneca Drive, from University Housing Group; the entity also purchased Collegiate Suites at Blacksburg, a 210-unit property at 1314 Henry Lane, from CSB LLC III, at a total of $74 million.

CAP IX Maple Ridge LLC acquired Maple Ridge Townhomes, a 314-unit property at 344 Red Maple Drive, for $72 million from Maple Ridge Clubhouse LLC.

Berkadia Richmond Managing Director John Richards secured $100.2 million in financing for the buyer, including a five-year Pacific Life Insurance loan, and Senior Director David Hudgins of Berkadia Newport News completed the sale on behalf of the seller and the buyer, which has a regional office in Blacksburg and purchased the 756-unit Terrace View apartment complex there in 2017.

This article has been corrected since publishing.