Berkadia Completes Sale and Secures Finance of First Institutional-Quality Build-to-Rent Community in Martinsburg, West Virginia
Martinsburg, West Virginia – May 7, 2024 – Berkadia announced today the sale and financing of The Meadows at Berkeley Ridge, a new 148-unit townhome community in Martinsburg, West Virginia, a bedroom community serving the Washington D.C. metro area. It is the first institutional-quality build-to-rent community to be built in this market. Managing Director Brett Moss and Director Tyler Swidler of Berkadia Central & North Florida, along with Senior Managing Director Drew White of Berkadia DC Metro, Senior Director Carter Wood of Berkadia Norfolk, and Director Cole Carns of Berkadia Richmond led the sale.
Senior Directors Phil Branigan and Miles Drinkwalter, and Associate Natalie Revers of Berkadia DC Metro secured a loan for the acquisition on behalf of the buyer, a joint venture between Virginia-based DSP Real Estate Capital, which specializes in value-add multifamily real estate investments, and Virginia-based Rockbridge Investment Group, a real estate investment firm focused on multifamily properties throughout the Mid-Atlantic and Southeast.
The lender, Fannie Mae, provided a 10-year, fixed-rate loan and the deal closed on March 27.
“Berkeley County and the greater Eastern Panhandle region of West Virginia has seen a rapid influx of people moving to the region who predominantly work in white collar positions in Northern Virginia and the Washington D.C. areas,” said Moss. “The Meadows at Berkeley Ridge commands a highly desirable location at the confluence of four states and offers a premium product at a lower cost-of-living relative to other primary markets in the Mid-Atlantic.”
“The partnership between DSP Real Estate Capital and Rockbridge Investment Group received strong lender interest for this transaction due to the asset quality and demographics of the surrounding area,” said Brannigan. “We worked closely with Fannie Mae and were able to increase loan proceeds during the financing process despite volatility in the treasury market.”
Located at 368 Pineda Lane, The Meadows at Berkeley Ridge is located on the Potomac River on the border of West Virginia and Maryland. It affords convenient access to Interstate 81 and Interstate 70, which are the primary North/South and East/West thoroughfares in the greater four-state area of West Virginia, Maryland, Virginia, and Pennsylvania. Historically a railroad town, the property is near the Downtown district along Queen Street, featuring preserved buildings housing locally owned cafes, specialty shops, galleries, and other storefront businesses in a walkable layout. Larger shopping centers on the north side of town and along I-81 round out the extensive retail options with everything from big-box stores to the local multiplex movie theater.
The Meadows at Berkeley Ridge was built in 2023 and features 148 three-story townhomes with three- and four-bedroom floorplans averaging 1,912 square feet. The units feature private two-car driveways, state-of-the-art technology packages, attached car garages, and more.
Berkadia Closes Sale & Finance for Martinsburg BTR Community | Connect CRE