Berkadia Completes Sale and Secures Both Financing and Joint Venture Equity for 651-Unit Multifamily Property in Virginia
Transaction represents the largest multifamily sale in the Richmond market in 2023
RICHMOND, Va., NORFOLK, Va. and WASHINGTON, D.C. — January 18, 2024 — Berkadia announced today the sale, financing, and equity capitalization of Belmont Hills, a 651-unit garden-style multifamily property located in Richmond, Virginia. Senior Director Carter Wood of Berkadia Norfolk, Senior Managing Director Drew White of Berkadia DC Metro, and Director Cole Carns of Berkadia Richmond completed the sale on behalf of the seller, Virginia-based Weinstein Properties. The buyer was a joint venture led by Richmond-based Levco Management. The transaction closed on December 15.
“This was a great all-around effort on behalf of all parties involved,” said Wood. “Despite the economic hurdles experienced in 2023, the collective was able to work together throughout the process to ensure we got to the finish line. As meticulously as Weinstein operates their properties, Levco will experience much success with little headwinds throughout the future of their ownership. Congrats to all involved.”
Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, and Vice President Miles Drinkwalter of Berkadia DC Metro and Senior Director Hunter Wood of Berkadia Richmond, together secured financing from Freddie Mac on behalf of the buyer.
“This was a tough economic climate with an abundance of Treasury volatility, but the Levco and Freddie Mac teams performed exceptionally well throughout the process,” said McGlohn. “Great partners lead to exceptional outcomes, and this was one of those efforts that make you grateful to work with talented professionals that execute at the highest level. Congratulations to the Levco team – we couldn’t be happier for them.”
In addition, McGlohn, Gould, Drinkwalter and Hunter Wood sourced the LP equity from an undisclosed party for the acquisition.
“We were pleased to work on behalf of the Levco team to source an equity partner for the acquisition,” said Gould. “The high level of interest from the JV equity community for the transaction speaks to the impressive track record of the Levco team, the sponsor’s solid business plan and the attractive fundamentals of the Richmond apartment market.”
Located at 4037 Lamplighter Drive, Belmont Hills features one-, two-, and three-bedroom floor plans with dishwashers and in-unit washers and dryers. Community amenities include a swimming pool, a dog park, a fitness center, a clubhouse, and a business center. The property affords residents convenient access to Chippenham Hospital, Virginia Museum of Fine Arts, Virginia Commonwealth University, and the shops and restaurants near Highway 150 and Interstate 95.