NEWPORT NEWS, Va. — April 3, 2020 — Berkadia today announced the $26.25 million sale of Regency at Longhill, a 224-unit garden-style multifamily property in Williamsburg, Virginia. Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News, Virginia office completed the sale on behalf of the seller, Virginia-based Philip Richardson Company, Inc. The buyer was Regency at Longhill Apartments, LLC, a Virginia limited liability company, and the deal closed on March 3.
“Regency is an extremely well-located property that has been owner operated since development. It provides a value-add play based on the sought after ‘B in an A location’ formula,” said Hudgins. “A critical component to the deal was the VHDA debt and our team was able to provide a solution that served all parties.”
Located at 5302 Lane Place Drive, Regency at Longhill features one-, two- and three-bedroom floor plans with walk-in closets. Community amenities include a swimming pool, a playground, a clubhouse and an outdoor area with grilling stations. The property affords convenient access to the Warhill Sports Complex, Williamsburg Premium Outlets, Highway 60 and Humelsine Parkway.
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