POQUOSON, VA. — Berkadia has arranged the $52.4 million sale of The Flats at Legacy, a 176-unit multifamily community located off the coast of Virginia on Bull Island. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia represented the seller, Virginia Beach-based Franklin Group, in the transaction. The buyer was Utah-based Ceifa Capital.
Situated on 24 acres at 200 Big Woods Drive in Poquoson, the property comprises 176 garden-style apartments across multiple four-story buildings. Units average approximately 1,065 square feet in size, and floor plans range from one- to three-bedrooms. Amenities include a saltwater pool, outdoor grilling stations, modern clubhouse with entertainment lounge and catering kitchen, fitness center, internal café spaces and electric vehicle charging stations.