Berkadia Completes $38.5M Sale and Secures $25.5M in Financing for Multifamily Property in Norfolk, Virginia
Norfolk, Virginia – January 22, 2024 – Berkadia announced today the sale and financing of Woodmere Trace Apartment Homes, a 300-unit, garden-style multifamily property in Norfolk, Virginia. 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 $38.5 million sale on behalf of the seller, Enterprise Community Development, a top nonprofit owner and developer of affordable homes in the Mid-Atlantic. The buyer was Raleigh, North Carolina-based Fulton Peak Capital. The transaction closed on December 20.
“We were very pleased to have represented the top-notch team at Enterprise Community Development,” said White. “Their excellent stewardship of Woodmere Trace made it an attractive buy to many prospects, and the fact that it is retaining affordability is an important consideration in the sale. Further, Fulton Peak has a great business plan and in-house construction and property management teams that will allow them to take Woodmere Trace to an even higher level and do well with it for years to come.”
Senior Managing Director Patrick McGlohn, Managing Director Brian Gould, Senior Director Miles Drinkwalter of Berkadia DC Metro, and Senior Director Hunter Wood of Berkadia Richmond secured $25.5 million of Fannie Mae acquisition financing on behalf of the buyer.
“Our team is proud to have financed both of Fulton Peak’s acquisitions in Norfolk in 2023,” said Drinkwalter. “The Fulton Peak team continues to perform at a high level on behalf of its investors and operating partners. We appreciate their commitment to enhancing the quality of apartments across Hampton Roads and look forward to their continued investment in Woodmere Trace.”
Located at 6741 East Tanners, Woodmere Trace Apartment Homes resides just 11 miles north of Virginia Beach Town Center, a one-of-a kind destination for shopping, dining, and entertainment, 11 miles north of Downtown Norfolk, 6.5 miles south of Naval Station Norfolk and two miles west of the Norfolk International Airport. Built in 1974, Woodmere Trace Apartment Homes was renovated in 2014 and features 300-units comprised of one- and two-bedroom floorplans. Community amenities include a swimming pool, laundry facility, fitness center, picnic pavilion with grilling stations, playground, and a dog park.
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