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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Partnership Receives $120M for Redevelopment of Samuel Madden Homes in Old Town Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — A public-private partnership between Fairstead, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has received $120 million in financing for the ground-up redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. The Samuel Madden site will be redeveloped into a six-story, 295,000-square-foot mixed-income community. The property’s affordable component will apply to all households earning between 30 and 80 percent of the area median income (AMI). Originally constructed in 1945, the Samuel Madden community will be redeveloped to feature 207 units, ranging from one- to four-bedroom floorplans. Community amenities will include a studio for podcast recording, game room with free internet access, 7,500 square feet of open space, interior courtyard and an underground parking garage. Local nonprofit organization ALIVE! will also operate a 500-square-foot food hub on the ground-floor to provide residents access to fresh food and various resources. Additionally, through a partnership with Virginia Center for Housing Research at Virginia Tech, green design elements will be incorporated throughout the development to reduce energy and water consumption. Financing sources for the development include Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank, the City of Alexandria, the U.S. Department of Housing and Urban Development (HUD) …

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DevelopmentMultifamilyOfficeSoutheastVirginia

Carr Properties Receives Site Plan Approval for Office-to-Multifamily Conversion Project in Metro D.C.

by John Nelson

CLARENDON, VA. — Carr Properties has received site plan approval for the redevelopment of 3033 Wilson Blvd. in the Washington, D.C., suburb of Clarendon. Situated across from the Clarendon Metro Station, the former 160,000-square-foot office building will be transformed into a 309-unit multifamily complex with 6,000 square feet of ground level retail space. Carr Properties will participate in Arlington’s Green Building Incentive Program while also aiming for LEED Gold certification for 3033 Wilson. Architecture firm SK+I and interior design firm Edit Lab by Streetsense will design the redeveloped property, which will include a fitness center, coworking lounge, rooftop pool deck, clubroom, landscaped courtyard and 324 underground parking spaces with 13 electric vehicle charging stations. The project team also includes landscape architect ParkerRodriguez, civil engineer Bohler DC and McGuireWoods as land-use counsel.  3033 Wilson is anticipated to break ground in early 2026, with completion slated for 2027.

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LoansMultifamilySoutheastVirginia

Berkadia Secures $129M Refinancing for Amberleigh Apartments in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. — Berkadia has secured $129 million for the refinancing of Amberleigh Apartments, a 752-unit multifamily community located in the Washington, D.C., suburb of Fairfax. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Natalie Hershey of Berkadia arranged the financing on behalf of the locally based borrower, Redbrick LMD, which comprised a $113.8 million Freddie Mac loan and a $15.6 million preferred equity investment from an undisclosed source.  Situated near the Dunn Loring-Merrifield Metro Station and adjacent to Inova Fairfax Hospital, Amberleigh Apartments features one-, two- and three-bedroom floorplans ranging in size from 861 square feet to 1,523 square feet, according to Apartments.com. Amenities at the property include a fitness center, sundeck, courtyard, swimming pool, clubhouse, conference room, playground and outdoor grilling stations and picnic areas.

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DevelopmentHospitalitySoutheastVirginia

KARA Hospitality Opens 92-Room Extended Stay America Hotel in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — KARA Hospitality has opened Extended Stay America Premier Suites – Charlottesville, a 92-room, four-story hotel in Charlottesville. The hotel features free Wi-Fi, complimentary breakfast, cable TV, a 24-hour fitness room, onsite guest laundry and a lobby with additional vending options. All suites include fully equipped kitchens with full-size refrigerators, microwaves, stovetops, cookware, utensils and dishes, as well as recliners and work areas.

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AcquisitionsRetailSoutheastVirginia

CBRE Brokers Sale of 58,434 SF Shops at High Street Retail Village in Williamsburg, Virginia

by John Nelson

WILLIAMSBURG, VA. — CBRE has brokered the sale of Shops at High Street, a 58,434-square-foot retail village located at 1430 High St. in Williamsburg. The Khoshbin Co., a privately held real estate investment and management firm based in Costa Mesa, Calif., sold the center for an undisclosed price. CBRE’s National Retail Partners Mid-Atlantic team represented the seller in the transaction, while White House Realty Group represented the buyer, an undisclosed private investor. Shops at High Street was 98 percent leased at the time of sale to tenants including Movie Tavern, Five Guys, Subway, Orangetheory Fitness, The Learning Experience and 1-800 Flowers.

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DevelopmentSoutheastStudent HousingVirginia

Subtext, Kayne Anderson Break Ground on 1,332-Bed Student Housing Development Near University of Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Subtext and Kayne Anderson Real Estate has broken ground on VERVE Charlottesville, a 1,332-bed student housing project located adjacent to the University of Virginia campus at 100 Stadium Road in Charlottesville. The 12-story community will span 729,262 square feet and offer 463 units in studio, one-, two-, three- and four-bedroom floorplans. Amenities will include a fireside lobby lounge, coffee café, two-story fitness and wellness center, multi-sport gaming lounge, F1 driving simulator, pool terrace, dog spa and pet park, makerspace, an outdoor fitness lawn and dedicated library and study spaces. The joint venture will also contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of its development agreement with the City of Charlottesville. The development team for the project includes John Moriarty & Associates, Sumitomo Mitsui Banking Corp., ESG Architecture & Design, Wolf Ackerman Design, AJC Design Group, SK&A and Timmons Group. VERVE Charlottesville is slated for completion in summer 2027.

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DevelopmentMultifamilySoutheastVirginia

Breeden Completes 198-Unit Multifamily Community in Norfolk, Virginia

by John Nelson

NORFOLK, VA. — The Breeden Co. has completed Lake Taylor Pointe Apartments, a 198-unit multifamily community located at 1060 Kempsville Road near Norfolk International Airport. Breedon Construction served as the general contractor for the $43 million development. The apartment complex features carriage house and garden-style buildings, with one to three-bedroom floorplans ranging in size from 723 square feet to 1,425, according to Apartments.com. Amenities at the complex include a resort-style swimming pool, poolside fitness center, outdoor gathering areas, arcade room, electric vehicle charging stations and a bark park. Rental rates for the property begin at $1,750.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Fairstead Invests $10M for Renovation of Affordable Housing Community in Chesapeake, Virginia

by John Nelson

CHESAPEAKE, VA. — Fairstead has invested nearly $10 million for the renovation of Peaceful Village Apartments, a 65-unit affordable housing community located at 3000 Welcome Road in Chesapeake. Fairstead is partnering with the Chesapeake Redevelopment and Housing Authority, which manages the community, for the renovation through HUD’s Rental Assistance Demonstration (RAD) program. The overhaul will include new energy-efficient appliances, renovated kitchens, new exterior siding and the construction of a new community center. All renovations are expected to be complete by fall 2026. Built in 1995, Peaceful Village offers a mix of three- and four-bedroom townhomes reserved for households earning below $32,000 annually to $63,900 (60 percent of the area median income). Capital partners on the renovation include Berkadia, Freddie Mac, U.S. Bank and Woodforest Bank.

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DevelopmentIndustrialSoutheastVirginia

PNK Group Breaks Ground on 846,000 SF Industrial Facility Near Richmond

by John Nelson

CHESTERFIELD COUNTY, VA. — PNK Group has broken ground on PNK Ashton Park, an 846,000-square-foot industrial facility situated on 86.6 acres in metro Richmond’s Chesterfield County. The facility is designed for flexible use by either a single tenant or multiple occupants. Details about the project’s construction timeline were not disclosed.

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AcquisitionsRetailSoutheastVirginia

SRS Negotiates Two Sales of Retail Properties in Virginia Leased to Chase Bank

by John Nelson

MANASSAS AND HAMPTON, VA. — SRS Real Estate Partners has negotiated the ground-lease sales of two single-tenant retail properties in Virginia net-leased to Chase Bank. The assets include 9560 Liberia Ave. in Manassas and 1700 W. Mercury Blvd. in Hampton, which combined to sell for more than $8 million. Both buyers were based in California and purchased the bank branches in 1031 exchanges. Andrew Fallon, Patrick Nutt and William Wamble of SRS represented the seller in the Manassas deal, an investment firm based in New York. Matthew Mousavi, Patrick Luther and Fallon of SRS represented the seller in the Hampton transaction, a developer based in Dallas. SRS is currently marketing two more retail properties net-leased to Chase Bank in Rockville, Md., and Washington, D.C.

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