Berkadia Completes the Sale of Monticello Station in Norwalk, Virginia
Norfolk, VA – November 30, 2023 – Berkadia announced today the sale of Monticello Station, a 121-unit property located in Norfolk, Virginia. Senior Director David Hudgins of Berkadia Norfolk led the sale on behalf of the seller, SLNWC, Residential Company. The deal closed on November 17.
“The Hampton Roads market continues to be resilient during this turbulent period,” said Hudgins. “The multifamily market has historically overcome recessions and currently high interest rates cycle due to the low unemployment and strong rental growth. Investors should continue to seek assets in this market for both short- and long-term returns.”
Located at 328 E Freemason St, Monticello Station was developed by S.L. Nusbaum Realty Co. in 2009 and features 121 luxury units with one-, two-, three-, and four-bedroom floor plans. The property offers all the conveniences of Downtown Norfolk’s numerous shopping, dining, entertainment, sports, and performance venues. The controlled-access community features unique amenities consisting of elevators in every building, granite countertops, glass enclosed showers, full-size washers and dryers, and more. The units are accompanied by 36,000 square feet of upscale, street level retail, with direct access to the Tide Light Rail system.