Berkadia Brokers $39M Sale of Virginia MF Portfolio
Berkadia has arranged the $38.9 million sale of The New Downtown Portfolio, a two-property multifamily portfolio in Norfolk, VA.
The properties in the portfolio consist of The Rockefeller, a 146-unit property located at 130 Brooke Ave. and The Loraine, a 56-unit property located at 245 Granby St. Community amenities include fitness centers, resident clubhouses and ground floor retail tenants as well as grilling stations and a rooftop courtyard.
Drew White of Berkadia’s Washington, D.C. office and Carter Wood of Berkadia’s Richmond office represented the seller, Norfolk-based Marathon Development Group, in the transaction. The buyer was Virginia-based Waverton Associates. The sale closed March 31.
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.