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.