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Washington DC & Mid-Atlantic  + Apartments  |  October 13, 2020
David Cohen
By: David Cohen

Drucker + Falk Divests Virginia MF Portfolio for $113M

DF Ventures, a business unit of Drucker + Falk, has announced the $113 million sale of a 710-unit, three property multifamily portfolio in Virginia. Charles Wentworth, Hank Hankins and Will Matthews of Colliers represented DF Ventures in the transaction. The portfolio was acquired by The Kushner Companies.

The portfolio consists of Chesapeake Bay Apartments in Newport News, Hanover Crossing in Mechanicsville and Wilde Lake Apartments in Henrico. DF Ventures, along with a partner, acquired the properties in May of 2016 for $68.5 million and implemented a $10.5 million renovation plan across the three properties.

“This was a great opportunity to leverage DF Multifamily’s management and renovation expertise,” said J Guy Buck, CFO at Drucker + Falk. “We are very proud to have delivered extraordinary returns to our investors.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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