VIRGINIA BEACH, VA. — SLN Capital Markets, a division of S.L. Nusbaum Realty Co., has arranged the sale of Live Oaks Village, a 32-unit asset in Virginia Beach. Live Oaks Village offers three-bedroom, townhome-style apartments. Lasgo Inc. purchased the property from BBD Holdings LLC for $12.2 million. Doug Aronson and Nathan Shor of SLN Capital Markets negotiated the deal. The seller was finishing up renovations to the property at the time of the sale, according to SLN Capital Markets.
ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt Street in the Old Town neighborhood of Alexandria. The buyer plans to convert the asset into a 250,000-square-foot community. The development team for the project includes SK+I Architecture, as well as interior design firm Edit Lab by Streetsense. The community will offer 234 apartments in studio through three-bedroom layouts, a portion of which will be set aside as affordable housing. The property will also feature below-grade parking, 15,800 square feet of outdoor space, a …
ALEXANDRIA, VA. — Berkadia has provided a $157 million Fannie Mae acquisition loan for Mason at Van Dorn, a 1,180-unit community in Alexandria. The borrower and purchaser was a partnership between Shoreham Capital and Bridge Investment Group. The seller was CIM Group, which acquired the asset in 2017. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia originated the financing on behalf of the buyers. Mason at Van Dorn was originally built in 1972. The complex consists of 14 buildings on a 30-acre site. Amenities include two pools, …
PORTSMOUTH, VA. — Marcus & Millichap has brokered the sale of Effingham Green Condos, a 17-unit property in Portsmouth. Nouveux Effingham LLC purchased the community from Capps Equity LLC for $2.4 million. Justin Ferguson, Altay Uzun, Theo Jolley and Jack Carroll of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Situated at 1007 Green Street, Effingham Green Condos was built in 1987 on a two-acre site. The property features 17 two-bedroom units across two buildings.
WOODBRIDGE, VA. — Standard Communities has broken ground on Jefferson Plaza Apartments, a 240-unit affordable housing community in Woodbridge, in Northern Virginia’s Prince William County. The property will be income-restricted to tenants earning 60 percent of the area median income. Planned amenities include 354 parking spaces for residents, a 3,000-square-foot clubroom, co-working space, fitness center, bike storage, playground, green space and a dog park. The development, which is capitalized at $67.5 million, was funded from sources including Virginia Housing, Freddie Mac and Hudson Housing Capital.
ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, an office-to-multifamily redevelopment project in Alexandria. The project will redevelop three existing office buildings into a mixed-use complex. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield negotiated the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans for TideLock include 169 residential units, as well as 65 condominiums and 7,000 square feet of commercial space. Construction is slated to begin immediately and complete …
CHARLOTTE, N.C. AND ALEXANDRIA, VA. — FCA Management and Bonaventure have merged to create an enhanced third-party property management firm and platform. FCA Management is a third-party property management firm, which is based in Charlotte and serves clients in the southeast and mid-Atlantic. Bonaventure is an asset management firm with a focus on investment, development and construction in the southeast and mid-Atlantic. As part of the agreement, Bonaventure’s Property Management Services will become part of FCA Management, which will manage all current and future Bonaventure market-rate communities. The combined platform …
RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit community located at 4037 Lamplighter Drive in Richmond. Belmont Hills features one-, two- and three-bedroom units. Amenities include a pool, dog park, fitness center, clubhouse and a business center. A joint venture led by Levco Management acquired the property from Weinstein Properties for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller in the deal. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing …
ARLINGTON, VA. — The National Apartment Association (NAA) has selected Rick Snyder, president and owner of San Diego-based R.A. Snyder Properties, as 2024 Chair of the Board. Snyder was formally installed at NAA’s Assembly of Delegates in San Diego last November. NAA’s headquarters are located in Arlington. Snyder has been involved with NAA for nearly 20 years, having previously served as a Regional Vice President, Membership Committee Chair and as a member of several committees. Snyder received his Bachelor of Science degree in Business Administration from San Diego State University …
FRANKLIN, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Forest Pine Apartments, a 244-unit community located at 101 Forest Pine Road in Franklin. The asset traded hands for $18 million in an off-market transaction. John Wessling, Chris Devine, Anthony Grecco and Bill Overman of S.L. Nusbaum Realty Co. represented the seller, Forest Pine Apts LLC, in the deal. The sale was finalized in December of last year, with a cap rate of 5.5 percent.
