WASHINGTON, D.C. and RICHMOND, Va. — April 7, 2021 — Berkadia announced today the sales of The Commons at Cowan Boulevard, Camden Hills and Wellington Woods, three multifamily properties in Fredericksburg, Virginia. Senior Managing Director Drew White of Berkadia’s Washington, D.C. office and Director Carter Wood of Berkadia’s Richmond, Virginia office facilitated the combined sales on behalf of the seller, Virginia-based The Stephen A Goldberg Company. The buyer was Maryland-based Acento Real Estate Partners, and the portfolio closed on March 18.
“The Fredericksburg market is highly attractive to investors as the rent growth in Q1 2021 was 7.3 percent,” said White. “The three properties held up during the COVID-19 pandemic and are well positioned for continued value-add under Acento’s watch, supported by very strong submarket fundamentals.”
“We are very excited about this investment, which marks our 8th acquisition since the start of the COVID-19 pandemic,” said Tyler Jamison, Chief Investment Officer at Acento Real Estate Partners. “The Fredericksburg Portfolio is a strong match for our discretionary fund targeting value-oriented workforce multifamily assets on the east coast.”
The Commons at Cowan Boulevard is a 254-unit property located at 2352 Cowan Blvd. The property features one-, two- and three-bedroom floor plans with fully equipped kitchens including gas stoves and dishwashers. Community amenities include a pool, a grilling station and on-site property management.
Camden Hills is located at 136 Wellington Lakes Dr. The 160-unit property features one- and two-bedroom floor plans with private patios or balconies. Community amenities include a swimming pool and a laundry center.
Wellington Woods is a 114-unit property located at 1704 Lafayette Blvd. and features one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include a swimming pool with a sundeck and a laundry center.
All properties afford residents convenient access to Interstate 95, Central Park shopping mall and Mary Washington Hospital and University.