Berkadia Brokers $13.5M Sale of Multifamily Community in Hampton Roads Region

NEWPORT NEWS, VA. — Berkadia has brokered the $13.5 million sale of Suites at Port Warwick, a 100-unit multifamily community in Newport News. Alan Meetze and David Hudgins of Berkadia arranged the transaction on behalf of the seller, University Suites at Port Warwick LLC. Atlantic Multifamily-Port Warwick LLC acquired the asset. Originally developed as student housing, Suites of Port Warwick now offers a mix of market unit rentals and student “per bed” rentals. The buyer will continue to operate the property as both student housing and market townhouses. The community is located roughly two miles from Christopher Newport University. The property was constructed in 2004 and features three- and four-bedroom townhouse floor plans. Community amenities include a fitness center, pool, volleyball court and a tanning bed.