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Berkadia Closes Sale of Williamsburg Apartments
Berkadia arranged the $26.25-million sale of Regency at Longhill, a 224-unit garden-style multifamily property in Williamsburg, VA. Senior directors Alan Meetze and David Hudgins of Berkadia’s Newport News, VA office completed the sale on behalf of the seller, Virginia-based Philip Richardson Company, Inc. The buyer was Regency at Longhill Apartments LLC.
“Regency is an extremely well-located property that has been owner operated since development,” said Hudgins. “It provides a value-add play based on the sought-after ‘B in an A location’ formula. A critical component to the deal was the VHDA debt, and our team was able to provide a solution that served all parties.”
Located at 5302 Lane Place Dr., Regency at Longhill features one, two and three-bedroom floor plans with walk-in closets. Community amenities include a swimming pool, a playground, a clubhouse and an outdoor area with grilling stations.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
