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Seminole Trail Properties Buys Hampton MF Property
Virginia-based Seminole Trail Properties has bought Carson Square, a garden-style multifamily property in Hampton, Virginia.
Located at 1587 Briarfield Road, the 292-unit property features renovated one-, two-, and three-bedroom apartment homes. The property was sold for $31 million to New Jersey-based Carson Square Assoc on May 30.
Berkadia Norfolk’s Senior Director, David Hudgins, led the transaction on behalf of the seller, Seminole Trail Properties. “The Hampton Roads market for workforce housing still remains strong during this interest rate hike cycle,” said Hudgins. “While cap rates for Class A and B have been increasing, the workforce housing has remained relatively consistent. One factor that contributes is that the pricing is more based on a cost basis than an actual cap rate.”
