NEWPORT NEWS, Va. — July 30, 2019 — Berkadia today announced $44.5 million in the combined sales of assets in the Virginia Carolinas Tax Credit Portfolio. Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News, Virginia office completed the sales on behalf of the seller, Maryland-based Mid-City Financial Maryland Corporation. The buyer was Florida-based Banyan Realty Management.
“The portfolio was unique in that it included a mix of large and small, urban and rural properties with various levels of age and condition, spanning across three states,” said Meetze. “The buyer will realize opportunities for recapitalization and rehab on some deals, while others will be coupon clippers. The diversity of product type and locations in this portfolio requires strong management capabilities, and the buyer brings that component to the table.”
The Virginia Carolinas Tax Credit Portfolio comprises a total of 14 properties and 1,128 units across Virginia, North Carolina and South Carolina. The sales were completed between March 1 to July 26.