Philip Richardson Co. has sold Regency at Longhill, a 224-unit community in Williamsburg, Va. A private investor acquired the property for $26.3 million. Berkadia Senior Directors Alan Meetze and David Hudgins assisted the seller in the deal.
This marks the first time the asset changed hands, according to Hudgins. He added that an important part of the transaction was an outstanding loan from the Virginia Housing Development Authority, with Berkadia providing a solution to all parties involved in the deal.
Located on 22 acres at 5302 Lane Place Drive, the 26-building community opened in 1986 and was expanded in 2000, according to public records. The property features one- to three-bedroom floorplans and includes amenities such as two pools, a gym, a clubhouse, a playground and a tennis court, according to Yardi Matrix data. The community is proximate to Humelsine Parkway and is 2 miles from U.S. Route 60, which provides access to several shopping and dining options.
Last year, Berkadia’s Mid-Atlantic Investment Sales Group brokered the $68.9 million sale of Maple Bay Townhomes, a 414-unit property in Virginia Beach, Va. The company assisted Aimco in the disposition.