Virginia

JLL Arranges Sale of 14-Story Riverside on the James Office Building in Richmond

by Julia Sanders April 8, 2021

RICHMOND, VA. — JLL Capital Markets has arranged the sale of Riverside on the James, a 263,752-square-foot, Class A office property in Richmond’s central business district. The 14-story property is located at 1001 Haxall Ave. and features views of the James River, an attached six-level parking deck and an onsite fitness center. Chris Lingerfelt, Ryan Clutter and Stephen Conley of JLL represented the seller, Washington, D.C.-based American Real Estate Partners LLC. JLL also procured the buyer, Opal Holdings, which is based in New York City. The sales price was not disclosed. Riverside on the James was 95.3 percent leased at the time of sale. Some of the current tenants were also the original tenants of the building, which was built in 2005.

April 8, 2021

Acquisitions Multifamily Southeast Student Housing Virginia

Graystone Fund I Acquires 456-Bed Student Housing Portfolio Near Virginia Tech for $33.8M

by Julia Sanders April 8, 2021

BLACKSBURG, VA. — Graystone Fund I (GFI) has acquired a 456-bed, 140-unit portfolio of student housing near the Virginia Tech University campus in Blacksburg for $33.8 million. The properties were previously owned and managed by BCR Property Management. GFI plans to make improvements and repairs to the acquired portfolio, aiming to increase the overall quality and marketability of the product. Further details on the acquisition were not disclosed. Graystone Cos. also plans to construct an approved 204-bed student housing community at the corner of Toms Creek Road in Blacksburg, furthering its footprint in the Virginia Tech market.

April 8, 2021

Acquisitions Multifamily Southeast Virginia

NorthMarq Arranges $67.3M Sale of Streets of Greenbrier Apartments in Chesapeake, Virginia

by Julia Sanders April 5, 2021

CHESAPEAKE, VA. — NorthMarq’s Wink Ewing and Mike Marshall, along with the firm’s Ryan Rilee, has arranged the $67.3 million sale of the Streets of Greenbrier apartment community in Chesapeake. The NorthMarq team represented the Richmond-based seller, GrayCo Inc., which sold the property to Capital Square, a DST (Delaware Statutory Trust) platform based in Richmond. Built in 2013, the Streets of Greenbrier is a 280-unit property located at 929 Wintercress Way. A joint venture with Wood Partners & GrayCo Inc. originally developed the property. The market conditions were extremely favorable due to Chesapeake reporting some of the highest annual rent growth in the area at more than 6 percent. The property is located close to the Greenbrier and Summit Pointe business districts. Greenbrier is the largest business district in Hampton Roads, containing 19 million square feet of commercial space. The property includes one-, two- and three-bedroom floorplans. The apartment features include 9- to 10-foot ceilings, attached/detached garages, ceramic tile flooring and tub surrounds in bathrooms, custom lighting package, espresso cabinetry with nickel hardware, LVP flooring in entries and kitchen, open kitchens with granite countertops/islands, stainless steel Whirlpool appliances, oversized bedrooms, patio/sunroom options, soaking tubs in master bathrooms, tile backsplash in …

April 5, 2021

Development Hospitality Mixed-Use Multifamily Office Retail Southeast Top Stories Virginia

Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.

by Katie Sloan April 1, 2021

ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn. The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park. At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers. The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification. The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground …

April 1, 2021

Development Mixed-Use Multifamily Southeast Virginia

Summit Pointe Realty Breaks Ground on $68M Mosaic Apartments in Hampton Roads Region

by Julia Sanders March 31, 2021

CHESAPEAKE, VA. — Summit Pointe Realty LLC has broken ground on Mosaic, a mixed-use multifamily community in the Hampton Roads town of Chesapeake. The $68 million project will include 507,495 square feet of apartments, restaurants, shops and a public parking garage. The six-story apartment community will offer 270 one-, two- and three-bedroom residences with full balconies. Eight residences are designed as two-story lofts with street-level access. Community amenities will include a clubhouse, fitness center, concierge services, swimming pool, lap pool with infinity edge, cabanas, firepits, dog walk and a dog-wash station. Mosaic property will also have more than 30,000 square feet of street-level retail and restaurant spaces. An imbedded 515-car public parking garage comprising 185,000 square feet will also be developed as part of Mosaic. Construction will commence April 1, and delivery of the first residential and commercial spaces is anticipated in summer 2022. Mosaic is the multifamily component of Phase II of Summit Pointe, a $330 million mixed-use development situated on 69 acres along Volvo Parkway. When complete, Summit Pointe will include more than 1 million square feet of office space, up to 500,000 square feet of retail space, approximately 250,000 square feet of hospitality and conference space and …

March 31, 2021

Development Multifamily Southeast Top Stories Virginia

JBG Smith Starts Construction of Two Residential Towers at National Landing Near Washington, D.C.

by Julia Sanders March 26, 2021

ARLINGTON, VA. — JBG Smith has started construction of two residential towers at 1900 Crystal Drive in National Landing, a massive development project just across the Potomac River from Washington, D.C. The buildings will total 808 multifamily rental units and around 40,000 square feet of street-level retail across two mixed-use buildings in Arlington. A 27-story southern tower will feature 471 apartments, while the 26-story northern tower will include 337 apartments. 1900 Crystal Drive will feature a private rooftop and green spaces, as well as a pedestrian-friendly street that will serve as a connection between 18th and 20th streets. The property will also have neighborhood improvements such as enhanced streetscapes, a grand staircase connecting to public open space and public bike facilities. National Landing comprises three neighborhoods: Crystal City, Pentagon City and Potomac Yard, that spread across Arlington and neighboring Alexandria. In 2018, online retail giant Amazon choose National Landing for its new headquarters, and JBG Smith was hired as developer, leasing agent and property manager for the project. Amazon says it plans to hire around 38,000 employees in National Landing. Amazon’s growing presence in National Landing is expected to increase the daytime population in the submarket from approximately 50,000 people …

March 26, 2021

Acquisitions Affordable Housing Multifamily Southeast Virginia

Blackfin, GMF Capital Acquire Affordable Housing Portfolio in Virginia for $48M

by Julia Sanders March 23, 2021

RICHMOND AND PORTSMOUTH, VA. — A joint venture between Blackfin Real Estate Investors and GMF Capital LLC have acquired three Low Income Housing Tax Credit (LIHTC) communities in Virginia for $48 million. The seller was The Franklin Johnston Group. Drew White and Carter Wood of Berkadia secured the $48 million sale, while Mitch Sinberg and Matt Robbins of Berkadia arranged the $39.1 million financing. The affordable housing portfolio totals 452 units and includes Oaks of Dunlop Farms located at 101 Old Oak Lane Colonial Heights in Richmond. Also, the portfolio includes Crescent Place located at 2804 Turnpike Road and Independence Square located at 5120 George Washington Highway in Portsmouth. The Oaks of Dunlop Farms has 144 units, Crescent Place has 156 units and Independence Square has 152. The transaction represented the venture’s sixth acquisition together.

March 23, 2021

Acquisitions Loans Multifamily Southeast Virginia

Berkadia Closes $24.9M Acquisition Loan for Multifamily Property in Alexandria, Virginia

by Julia Sanders March 22, 2021

ALEXANDRIA, VA. — Berkadia has secured $24.9 million in financing for the acquisition of The Tuscany Apartments, a mid-rise multifamily property in Alexandria. Jonathan Pratt of Berkadia’s Salt Lake City office secured the acquisition financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. An affiliate of CW Financial Services LLC participated in the acquisition as a joint venture equity partner. The 10-year Freddie Mac loan features a floating interest rate, an approximately 70 percent loan-to-value ratio and a five-year interest-only period followed by a 30-year amortization schedule. Located at 260 Yoakum Parkway, Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a clubhouse, fitness center and a pet playground. The property is close to Stevenson Park, Interstate 395 and the shops and restaurants along South Van Dorn Street.

March 22, 2021

Acquisitions Retail Southeast Virginia

S.L. Nusbaum Arranges $4.7M Sale of Grocery-Anchored Shopping Center in Rustburg, Virginia

by Julia Sanders March 17, 2021

RUSTBURG, VA. — S.L. Nusbaum Realty Co. has arranged the $4.7 million sale of Rustburg Marketplace, a 46,700-square-foot shopping center in Rustburg. The Kent Mall LLC, a private real estate investment company based in Pennsylvania, purchased the center from Rustburg Ventures LLC. The center, anchored by Food Lion, was fully leased at the time of sale to nine local and national tenants including Family Dollar, Virginia ABC, Domino’s Pizza and Subway. According to the brokers, 88 percent of the tenants at Rustburg Marketplace have been in place for more than 20 years.

March 17, 2021

Acquisitions Healthcare Southeast Virginia

Cushman & Wakefield | Thalhimer Facilitates $1.9M Land Sale in Chester, Virginia for New Emergency Clinic

by Julia Sanders March 17, 2021

CHESTER, VA. — Cushman & Wakefield | Thalhimer has facilitated the $1.9 million sale of approximately six acres of land located on the corner of Route One at Moore’s Lake Road in Chester. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the sellers, Americana Park LLC and Trollingwood Land LLC. Bon Secours St. Francis Medical Center, a medical center located in Midlothian, Va., purchased the property for the development of a freestanding emergency clinic.

March 17, 2021

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