Virginia

The-River-Chester
DevelopmentNewsSoutheastVirginia

Emerson Cos., Philip Roper Open The River Apartments in Chester, Virginia

by Lynn Peisner

CHESTER, VA. — Emerson Cos. and Philip Roper have opened the The River Apartments, consisting of 201 one-, two- and three-bedroom units in Chester, approximately 16 miles south of Richmond. The project team also included 2PA as architect, Highmark Engineering as civil engineer, KBS as general contractor and Focus Design as interior designer. Cite Design was the landscape architect, and Burke & Herbert Bank provided construction financing. Capital Square Living, a subsidiary of Capital Square, is the property manager. Amenities at the community include a saltwater pool, fitness center, grilling …

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Bains-Pointe-Portmouth
Affordable HousingDevelopmentNewsSoutheastVirginia

Woda Cooper Opens Bains Pointe, An Affordable Community in Portsmouth, Virginia

by Lynn Peisner

PORTSMOUTH, VA. — Woda Cooper Cos. has opened Bains Pointe, a 50-unit affordable housing community in Portsmouth, about three miles west of Norfolk, Virginia. The property includes 39 two-bedroom apartments and 11 three-bedroom units reserved for renters earning between 30 and 80 percent of area median income. Some units are specifically for residents who are developmentally disabled and served by partner STOP Inc., a Hampton Roads, Virginia-based nonprofit that offers supportive services to lower-income individuals and veterans. Some units at Bains Pointe were also designed to serve people with mobility …

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Allure-at-Edinburgh-Chesapeake
Investment SalesNewsSoutheastVirginia

Berkadia Arranges Sale of Allure at Edinburgh in Chesapeake, Virginia

by Lynn Peisner

CHESAPEAKE, VA. — Berkadia has arranged the sale of Allure at Edinburgh, a 280-unit property in Chesapeake. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia Richmond led the transaction on behalf of the seller, Virginia Beach-based Venture Realty Group. Passco Cos. of Irvine, California, acquired the property for an undisclosed price in a transaction that closed on April 30. Arlington Properties will assume control of property management at Allure at Edinburgh. Located at 249 Allure Lane, the project was developed in two phases in 2024 and 2025. …

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Bradford-Manor-Apartments-Richmond
Investment SalesNewsSoutheastVirginia

Bradford Manor in Richmond, Virginia, Trades for $4.2M

by Lynn Peisner

RICHMOND, VA. — Marcus & Millichap has arranged the $4.2 million sale of Bradford Manor Apartments in Richmond. Neither party to the transaction was named. Bradford Manor Apartments, located at 2027 Fairfield Ave., was built in 1970 and consists of 56 two-bedroom, two-bath units. Marcus & Millichap’s Kristina Ermyakina led the transaction.

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Royal-Pointe-Virginia-Beach
Investment SalesNewsSoutheastVirginia

Bonaventure Buys Royal Pointe Apartments in Virginia Beach for $39.5M

by Lynn Peisner

VIRGINIA BEACH, VA. — Bonaventure has acquired Royal Pointe Apartments in Virginia Beach for $39.5 million. The purchase of the 208-unit property was completed through Bonaventure Multifamily Income Trust (BMIT) and incorporated a combination of tax-saving structures, including a partial 1031 exchange and a 721 exchange (UPREIT). Bonaventure worked with Greystone to assume the property’s existing financing as part of the acquisition. The seller was not specifically disclosed, but Featherstone acquired the property in 2022. Royal Pointe Apartments was built in 1987. Bonaventure plans to execute a series of enhancements …

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Ivy-Gates-Petersburg
Investment SalesNewsSoutheastVirginia

Berkadia Arranges $17.7M Sale of Ivy Gates in Petersburg, Virginia

by Lynn Peisner

PETERSBURG, VA. — Greencove Group has sold Ivy Gates in Petersburg, about 30 miles south of Richmond, Virginia, to CCM for $17.7 million. SYM Properties has been named manager of the community under the new ownership. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia Richmond arranged the sale on behalf of the seller. Located at 101 Ivy Lane, Ivy Gates features two- and three-bedroom tri-level townhome apartments ranging from approximately 1,369 to 1,677 square feet. Residences feature private entrances, patio areas, separate dining spaces, hardwood flooring and …

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DevelopmentFinanceNewsSoutheastVirginia

HGI, Middleburg Break Ground on Scottwood in Richmond

by Lynn Peisner

RICHMOND, VA. — Middleburg and Harbor Group International have secured an undisclosed sum of construction financing to build Scottwood, a 299-unit property in Richmond. Construction is underway with completion slated for 2027. Truist Bank funded the loan. Henrico County has designated the area surrounding Scottwood as a special focus area for mixed-use development. The community will consist of two four-story buildings, one with 132 units and the other with 167, as reported by Richmond BizSense.

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Project-Greyhound-Richmond
DevelopmentFinanceNewsSoutheastVirginia

Walker & Dunlop Arranges $132M for Richmond Bus Terminal Redevelopment

by Lynn Peisner

RICHMOND, VA. — Walker & Dunlop has arranged $132 million in financing for a joint venture’s redevelopment of a former bus station in Richmond. AIP, Pointsfive and Bridge Investment Group will replace the Greyhound terminal at 2910 North Arthur Ashe Blvd. in Richmond’s Scott’s Addition neighborhood with a 550,000-square-foot property comprised of 396 apartment units and approximately 14,000 square feet of retail. The capital stack includes equity and an $85.6 million construction loan provided by Madison Realty Capital. The bus station and service depot was in operation from approximately 1984 …

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Harbor-Point-Baltimore
GeorgiaInvestment SalesNewsSoutheastVirginia

Harbor Group International Buys 11 Properties from AH Realty Trust for $562M

by Lynn Peisner

NORFOLK, VA. — Harbor Group International (HGI) will acquire 11 properties from AH Realty Trust (NYSE:AHRT) for $562 million. The 11 assets represent the majority of Virginia Beach-based AHRT’s multifamily portfolio. The REIT will retain Smith’s Landing and plans to separately market its remaining two properties, The Everly in Roanoke, Virginia, and Solis in Gainesville, Georgia. HGI has provided a $15 million nonrefundable deposit, and the all-cash transaction is not contingent on financing. The transaction is expected to close by mid-year. AHRT’s long-term goals are to simplify its platform by …

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Independence-Place-Prince-George
Investment SalesNewsSoutheastVirginia

Northmarq Arranges $39M Sale of 230-Unit Property in Prince George, Virginia

by Lynn Peisner

PRINCE GEORGE, VA. — Aspen Oak Capital Partners has acquired Independence Place Apartments in Prince George for $39 million. Northmarq’s Charlotte, North Carolina-based investment sales team led by Ron Corrao, Eric Liebich, Scott Fuller, Dane Lozier, Matthew Weinstein and Dominic Bologna represented the undisclosed seller. The property, built in 2011, is situated on approximately 14 acres and includes 11 three-story garden-style buildings and an additional building that houses the clubhouse and leasing office. Independence Place’s amenity package consists of a 24-hour fitness center, resort-style pool, game room, sand volleyball and …

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