Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
DSP Real Estate Capital Acquires Farmville Multifamily for $22M
Ashburn, VA-based DSP Real Estate Capital has completed its $21.7-million purchase of The Greens at Sunchase, a 140-unit multifamily property in Farmville, VA.
Carter Wood, David Hudgins and Drew White of Berkadia represented the seller, Charlottesville, VA-based Management Services Corporation, in the transaction. Phil Brannigan of Berkadia secured $15.6 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Fannie Mae.
“Over the last few years, MSC had noticed an increase in demand for conventional housing in Farmville and has converted some of the student housing to market rate housing to keep up with that demand,” said Wood. “DSP plans to continue the same strategy moving forward.”
DSP Real Estate Capital has also refinanced its Frontier Apartments, a 194-unit garden-style multifamily in Roanoke, VA. Phil Branigan of Berkadia secured $16 million in permanent refinancing. Freddie Mac provided the 10-year floating rate loan with five years of interest-only.
- ◦Sale/Acquisition
