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Berkadia has sourced a $28-million joint venture equity partner for to build a Class A apartment community in Williamsburg, VA.

GW Real Estate Lands $28M JV Partner for $77M Williamsburg Multifamily

Berkadia has sourced a joint venture equity partner for Charlottesville-VA based GW Real Estate Partners to build a Class A apartment community in Williamsburg, VA. Construction has already commenced on the $77 million, 265-unit garden-style Montage at Marquis Apartments.

Cody Kirkpatrick, Noam Franklin, and Chinmay Bhatt of Berkadia secured the equity partner, a fund manager, which provided $27.7 million in equity behind $48.1 million in senior debt issued by Citizens Bank.

“Montage at Marquis Apartments marks GW Real Estate Partners’ first ground-up multifamily development in the Williamsburg/Hampton Roads/Newport News MSA,” said Robert Gordon, a GWREP principal. “This submarket in particular benefits from a diversified and growing population and economy, with limited new supply and high barriers to entry, which places it squarely within our wheelhouse”

Montage at Marquis Apartments is 10 minutes from downtown Williamsburg and the College of William and Mary, 20 minutes from Newport News, and proximate to employers and military bases.


Inside The Story


About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Financing
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