Richmond-Hampton Roads
Overbuilding in Richmond?
Following several years of strong supply, the area’s multifamily market is shifting down a gear. With almost 20,000 units in the pipeline, the metro is at risk of overbuilding.
Upcoming VA Community Lands $24M Construction Financing
Berkadia’s Senior Managing Director David Blake arranged a 40-year loan for the development of a 168-unit residential property in Christiansburg, Va.
Richmond Community Changes Hands
The 75-unit 2001 East Apartments, which is located close to the Church Hill Historic District, traded for $9.7 million. Rents at the residential property, which also has two commercial suites, equate to an average of $1,177.
Richmond Assets Trade for $6M
Marcus & Millichap brokered the sale of The Park at Forest Hill and Chateau de Ville, two properties totaling 119 units. The communities are located within a three-minute drive of each other.
Richmond Development Scores $40M Construction Loan
Berkadia arranged the financing on behalf of the developer, HHHunt Corp. First units will be available for occupancy by summer of 2018, and the community will be completed next summer.
Dan Frink Joins Greystone’s FHA Lending Team
The company’s new managing director brings two decades of industry experience, having served D3G for the past 20 years.
Berkadia Lines Up $34M Refi for Richmond Asset
The firm worked on behalf of Stone Creek Apartments to arrange a HUD loan for the 264-unit property.
Princeton Enterprises Nabs Richmond-Area Community
Webster Court in Petersburg traded for roughly $18,750 per unit.