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Roanoke Apartment Community Trades for $18M
Berkadia has brokered the $17.6 million sale of Frontier Apartments, a 182-unit, garden-style multifamily community in Roanoke, VA. Located at 4428 Plantation Road NE, the community features one and two-bedroom floorplans. The property is located nearby Interstate 81, Valley View Mall, as well as Downtown Roanoke. The community was originally built in 1971.
Carter Wood, Drew White and David Hudgins of Berkadia represented the seller, Denver-based Four Mile Capital, in the transaction. The buyer was DSP Real Estate Capital. The deal closed on December 29, 2020.
“Roanoke is a market that is starting to garner interest from outside investors, as yields in primary and even secondary markets are compressed,” said Wood. “Four Mile did an awesome job seeing the opportunity back in 2017. They purchased at a great basis, executed their business plan, and exited, all-the-while leaving plenty of meat on the bone for DSP to do something similar. It was a great execution all around.”
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