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.
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