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Berkadia Brokers $23M Sale of Virginia MF Property

Berkadia has arranged the $23.2 million sale of Villages at Garst Creek, a 504-unit, garden-style affordable multifamily property in Roanoke, VA.

Located at 4356 Garst Mill Rd, the property offers one-, two- and three-bedroom floorplans featuring washer and dryer connections, energy efficient windows and appliances and spacious closets. Community amenities include a swimming pool, 24-hour emergency maintenance, a 24-hour laundry facility, a business center, gourmet coffee bar, resident activities and is located near Garst Mill Park.

Jeff Irish, Brandon Grisham and Mike Terry of Berkadia Affordable Housing along with Drew White and Carter Wood of Berkadia’s D.C. Metro and Newport News offices represented the undisclosed seller in the transaction. In addition, Ted Hermes and Jonathan Pratt of Berkadia secured $18.9 million in acquisition financing through Voya Investment Management on behalf of the buyer, Virginia-based Blackfin Real Estate Investors.

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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.

  • ◦Acquisition
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