Roanoke, VA – May 5, 2020 – Berkadia announced today the sale and financing of Villages at Garst Creek, a 504-unit, garden-style affordable multifamily property in Roanoke, Virginia. Senior Managing Directors Jeff Irish and Brandon Grisham and Associate Mike Terry of Berkadia Affordable Housing, with Managing Director Drew White and Director Carter Wood of Berkadia D.C. Metro and Newport News, respectively, completed the $23.25 million sale.
Managing Directors Ted Hermes and Jonathan Pratt of Berkadia D.C. Metro and Salt Lake City, respectively, secured $18.917 million in acquisition financing through Voya Investment Management on behalf of the buyer, Virginia-based Blackfin Real Estate Investors. The deal closed on April 21.
“Our team has seen interest pick up in the tertiary markets of Virginia and Roanoke is getting a lot of attention due to its consistent performance and strong fundamentals,” said White. “Blackfin and their ability to add value through management and renovation will do well with this acquisition.”
“We were fortunate to work with one of our correspondent lenders to procure favorable financing terms that will help the buyer execute on their business plan. This was a great opportunity for the borrower to expand their portfolio into a new and thriving Roanoke market,” said Hermes.
Located at 4356 Garst Mill Rd, the property offers one-, two- and three-bedroom floorplans featuring washer and dryer connections, energy efficient windows and appliances and spacious closets. Community amenities include a swimming pool, 24-hour emergency maintenance, a 24-hour laundry facility, a business center, gourmet coffee bar, resident activities and is located near Garst Mill Park.
Berkadia Brokers $23M Sale of Virginia MF Property | Connect Media
Blackfin Buys Virginia Development for $23.5 Million | Affordable Housing Finance