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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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Woods of Williamsburg in Williamsburg, Virginia
Investment SalesNewsSoutheastVirginia

Hamilton Zanze Sells 125-Unit Community in Williamsburg, Virginia

by Channing Hamilton

WILLIAMSBURG, VA. — Hamilton Zanze has sold Woods of Williamsburg, a 125-unit garden-style community situated at 108 Tilghman Court in Williamsburg. The seller and sales price were not disclosed. The sale marks the San Francisco-based investment firm’s fourth disposition in 2024. Hamilton Zanze originally sponsored the acquisition of the property in 2018. The company conducted various renovations at the property, including the repainting of building exteriors as well as updates to the pool area and amenity spaces. Woods of Williamsburg was built in 1978. The community offers studio, one-, two- …

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Kensington Crossing in Fredericksburg, Virginia
Investment SalesNewsSoutheastVirginia

The Milestone Group Acquires Two Communities Totaling 676 Units in Fredericksburg, Virginia

by Channing Hamilton

FREDERICKSBURG, VA. — The Milestone Group has acquired two apartment communities totaling 676 units in Fredericksburg, a city situated roughly 60 miles south of Washington, D.C., and 60 miles north of Richmond, Virginia. The communities included in the sale were Kensington Crossing (476 units) and Magnolia Falls (200 units). The Milestone Group assumed the existing loans for both communities and plans to upgrade common areas and amenities. The previous owner fully renovated the interiors at both properties. The seller and sales price were not disclosed.

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Infinity Apartment Homes in Arlington, Virginia
Investment SalesNewsSoutheastVirginia

Shoreham Capital Acquires Infinity Apartment Homes in Arlington, Virginia, for $51 Million

by Channing Hamilton

ARLINGTON, VA. — Shoreham Capital has purchased Infinity Apartment Homes, a 227-unit property in Arlington, for $51 million. Infinity Apartment Homes offers a mix of studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, lounge, bike storage, package lockers and business center. The community is located within the Columbia Pike Corridor near Amazon’s HQ2 project. Robert Dean and Jonathan Greenberg of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the deal. Cameron Chalfant and Tyler Johnson of IPA arranged a …

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