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Berkadia Brokers $48M Sale of Affordable Housing Portfolio in Virginia

Berkadia has arranged the sale of a three-property, 452-unit affordable housing portfolio in the suburbs of Richmond and Norfolk, VA. The sales price was $48 million.

The three properties include the 144-unit Oaks of Dunlop Farms at 101 Old Oak Ln. in Colonial Heights, the 152-unit Independence Square at 5120 George Washington Hwy. and the 156-unit Crescent Place at 2804 Turnpike Rd. Amenities at the communities include swimming pools, playgrounds and fitness centers.

Drew White of Berkadia’s Chevy Chase office and Carter Wood of Berkadia’s Newport News office represented the seller, The Franklin Johnston Group, in the transaction. The buyer was a joint venture between Blackfin Real Estate Partners and GMF Capital. In addition, Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton office secured a $39.1 million acquisition loan for the buyer through Freddie Mac.

*Pictured above is the 144-unit Oaks of Dunlop Farms

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Berkadia’s White

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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