Value-Add Virginia Beach Property Trades for $52M

Seminole Trail Properties has purchased Mariner’s Cove, a 458-unit garden-style community situated within walking distance of two shopping centers.
Mariner's Cove, Virginia Beach
Mariner’s Cove

Berkadia has brokered the $52.2 million sale of Mariner’s Cove Apartments, a 458-unit multifamily garden-style property in Virginia Beach, Va. The brokerage company acted on behalf of the seller, BDMG Inc. The new owner, Virginia-based Seminole Trail Properties, is planning to execute renovations in the following months.

Located at 832 Blackfriars Drive, Mariner’s Cove is situated within walking distance of both Pembroke Meadows and Haygood shopping centers. The 1969-built asset comprises one-, two- and three-bedroom units and three-bedroom townhomes across 61 buildings.  Common-area amenities include a fitness center, a business center, two swimming pools, clubhouse and playground. 

Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News office facilitated the transaction. According to Yardi Matrix data, the asset was 75.5 percent occupied at the time of the transaction.

“Mariner’s Cove stands as a dynamic value-add play for the new ownership, and with a location near Virginia Beach Town Center, the asset has a terrific upside. The buyer has already commenced renovations, and Mariner’s Cove will be significantly transformed in the next 12 months,” said Meetze, in a prepared statement.

Image courtesy of Yardi Matrix