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Solace Apartments in Virginia Beach
Investment SalesNewsSoutheastVirginia

Bonaventure Purchases 250-Unit Community in Virginia Beach

by Channing Hamilton

VIRGINIA BEACH, VA. — Bonaventure has acquired Solace Apartments, a 250-unit property located at 400 S. Military Highway in Virginia Beach, 18 miles east of Norfolk, Virginia. Built in 2014, Solace offers one- and two-bedroom apartments. Amenities include a pool, fitness center, grilling stations and a community clubhouse. The acquisition was made as an UPREIT transaction, an investment strategy where property owners contribute real estate to a REIT’s operating partnership in exchange for ownership interest in that partnership. Robert Prodan served as a contributor with Bonaventure’s REIT, Bonaventure Multifamily Income …

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Diamond District in Richmond, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Economic Development Authority in Richmond, Virginia, Sells 18-Acre Site for $2.4 Billion Mixed-Use Project

by Channing Hamilton

RICHMOND, VA. — The City of Richmond’s Economic Development Authority (EDA) has sold and transferred an 18-acre parcel to the developer of a $2.4 billion mixed-use project called Diamond District. The land sold for $11.4 million. The developer is an entity led by Thalhimer Realty Partners Inc. that is doing business as Diamond District Partners LLC. The site, dubbed Phase 1A, will feature 730 market-rate apartments, as well as 161 workforce housing units for households earning up to 60 percent of the area median income, a 180-room hotel and 30,000 …

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Affordable HousingDevelopmentFinanceNewsSoutheastVirginia

Advantage Capital Closes Financing for Affordable Housing Project in Charlottesville, Virginia

by Channing Hamilton

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion project in Charlottesville. The development team, which broke ground on phase II last month, includes Piedmont Housing Alliance and National Housing Trust.  Phase II of Kindlewood will consist of 100 apartments, half of which are replacement units for existing residents. The rest will be new affordable housing units. The development team expects to deliver the second phase in fall 2026. The last tranche of financing was $9.6 …

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425 Montgomery Street in Alexandria, Virginia
DevelopmentFinanceNewsSoutheastVirginia

Partnership Receives Construction Loan for $131 Million Project Near Washington, D.C.

by Channing Hamilton

ALEXANDRIA, VA. — Carr Properties has formed an equity joint venture with Barings for the development of 425 Montgomery Street, a $131 million project converting a former office building in Alexandria’s Old Town neighborhood into a rental housing community. The partnership received an $84 million construction loan from investment firm Kennedy Wilson. Cushman & Wakefield served as advisor for both the equity and debt financings. The eight-story, 250,000-square-foot project will offer 237 apartments in studio, one-, two- and three-bedroom floor plans. Planned amenities include an outdoor pool and a resident …

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Bains Pointe in Portsmouth, Virginia
Affordable HousingDevelopmentNewsSoutheastVirginia

Woda Cooper Cos. Breaks Ground on Affordable Housing Project in Portsmouth, Virginia

by Channing Hamilton

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has broken ground on Bains Pointe, a 50-unit affordable housing community located at 1100 High St. in Portsmouth, directly across the Elizabeth River from Norfolk, Virginia. Bains Pointe, in partnership with Bay Aging, will offer units to households earning up to 80 percent of the area median income. The unit mix includes 39 two-bedroom and 11 three-bedroom apartments. Several units will include features residents with mobility challenges or sight/hearing disabilities. Monthly rates are expected to range from $400 to $1,315. Tenants will have …

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Town Square at Mark Center in Alexandria, Virginia
NewsSoutheastVirginia

DSF Group Receives $165.9 Million Acquisition Financing for Property in Alexandria, Virginia

by Channing Hamilton

ALEXANDRIA, VA. — Boston-based investment company The DSF Group has secured $165.9 million in financing for the acquisition of Town Square at Mark Center, a 678-unit apartment and townhome community in Alexandria. IPA Capital Markets, a division of Marcus & Millichap, arranged the loan, which features a 35-year amortization schedule. Town Square at Mark Center rises five stories at 1459 N. Beauregard St. Units come in one-, two- and three-bedroom floor plans, according to Apartments.com. Monthly rates begin at $1,925 for a one-bedroom apartment. The property was constructed in 1996 …

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River Lofts at Tobacco Row in Richmond, Virginia
Investment SalesNewsSoutheastVirginia

West Shore Acquires 742-Unit River Lofts at Tobacco Row Portfolio in Richmond, Virginia

by Channing Hamilton

RICHMOND, VA. — Boston-based West Shore has acquired The River Lofts at Tobacco Row, a portfolio of five communities in Richmond’s Shockoe Bottom neighborhood. Drew White, Carter Wood and Cole Carns of Berkadia brokered the deal. Additionally, Robert Falese, Jake Adoni and Kris Kadar of Berkadia arranged an undisclosed amount of acquisition on behalf of West Shore. The direct lender was also not disclosed. The properties included in the sale are Cameron Kinney (259 units), American Cigar Lofts (174 units), Consolidated Carolina Lofts (166 units), Lucky Strike Lofts (131 units) …

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NewsOperationsPeople NewsSoutheastVirginia

The Breeden Co. Selects Barry Tomlin as Vice President

by Channing Hamilton

VIRGINIA BEACH, VA. — Barry Tomlin has returned to The Breeden Co. as vice president of customer service and marketing. Tomlin previously served in various leadership capacities at The Breeden Co. He has come out of retirement in order to accept the position. As vice president, he will develop and implement strategies to enhance customer satisfaction and engagement. Tomlin will also oversee The Breeden Co.’s marketing initiatives.

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FinanceInvestment SalesNewsSoutheastVirginia

Berkadia Provides $37 Million Acquisition Loan for Commonwealth Apartments in Richmond Suburb

by Channing Hamilton

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit community located at 5401 Commonwealth Centre Parkway in Midlothian, 15 miles west of Richmond, Virginia. The property was built in 2022 and features a gaming lounge and fitness center, among other amenities. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the agency loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns …

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Governor’s Inn in Williamsburg, Virginia
DevelopmentNewsSoutheastVirginia

Breeden Construction Completes $33.5 Million Community in Williamsburg, Virginia

by Channing Hamilton

WILLIAMSBURG, VA. — Breeden Construction has delivered Governor’s Inn, a 164-unit community in Williamsburg, roughly 50 miles east of Richmond, Virginia. An entity doing business as CDG Holdings LLC is the developer behind the $33.5 million project. Governor’s Inn consists of six residential buildings that rise two to four stories. Amenities include a pool, fitness center, outdoor grilling station and a clubhouse.

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