The Dolben Co. Sells Virginia Asset for $46M
Berkadia represented both the seller and the buyer in the deal for the Williamsburg community.
The Dolben Co. has sold Spotswood Commons, a 212-unit property located in Williamsburg, Va., for $46 million. The buyer was Kushner Cos.
Located at 100 Glenburnie Road, the property is situated in the Williamsburg-North submarket. Completed in 2002, the community consists of 14 two- and three-story buildings across 24.9 acres.
The community features one-, two- and three-bedroom units. Amenities include a fitness center, a bark park, a tennis court, a playground, a swimming pool and in-unit washers and dryers.
Spotswood Commons is within 5 miles of shopping malls, including Williamsburg Premium Outlets. Access to Route 199 and Interstate 64 is less than 5 miles away, providing easy travel to the Norfolk and suburban Richmond regions. The community is also convenient to colonial Williamsburg, which offers several entertainment and dining options.
Drew White of Berkadia DC Metro and Carter Wood of Berkadia Richmond completed the sale on behalf of seller and buyer.
According to Yardi Matrix data, the most recent multifamily asset sale in Williamsburg occurred in early 2021, when PRG Real Estate sold Country Club to Levco Management.