LIV Development Sells Richmond Asset
The buyer took out a Fannie Mae loan.
LIV Development has sold Livano Norfolk, a 295-unit community in Norfolk, Va., a Richmond-Hampton Roads submarket. Kushner purchased the asset and took out a Fannie Mae loan in a deal arranged by Berkadia.
The new owner has already rebranded the property as District 757 and will manage it under its Westminster Management subsidiary.
With this acquisition, Kushner’s multifamily portfolio comprises more than 1,000 units in Hampton Roads. “We are optimistic about the fundamentals of the Hampton Roads market, supported by strong employment driven by its robust health-care hubs and significant military presence,” Kushner’s CEO Laurent Morali told Multi-Housing News.
The community came online in 2024 and was 96 percent leased at the time of the deal. LIV took out a $55.3 million construction-to-permanent loan from U.S. Bank in 2022 for the development of this project, according to Yardi Matrix information.
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Located at 6163 Kempsville Circle in Norfolk’s Midtown Medical District, the community is close to interstates 64 and 264. Norfolk International Airport is within 5 miles, while the city’s downtown is 7 miles west.
The property consists of two four-story buildings, with studio, one-, two- and three-bedroom floorplans ranging from 614 to 1,645 square feet. Apartments also have private balconies or patios.
Common-area amenities include a swimming pool with sundeck, grilling area, fitness center with yoga and spin room, along with a clubhouse with kitchen, games and lounge seating. The property also has a pet park, sky lounge, conference room and multiple private offices, as well as EV charging stations.
Berkadia Senior Managing Director Drew White, Managing Director Carter Wood and Director Cole Carns represented the seller. Senior Managing Director Laura Cathlina arranged the financing.
Richmond sales almost double year-over-year
Richmond’s multifamily investment volume year-to-date as of August clocked in at $620 million as of August, nearly double the $334 million registered during the same time frame of last year, according to a Yardi Matrix metro report. A total of 23 deals closed in the first eight months of 2025.
In July, Foxfield acquired Metropolis at Innsbrook, a 402-unit luxury community in Richmond. Robinson Development Group sold the asset, which was completed in 2023.
