WASHINGTON, D.C., and RICHMOND, Va. — April 7, 2021 — Berkadia announced today the sale of The New Downtown Portfolio, consisting of two iconic assets in Norfolk, Virginia, the Rockefeller and the Loraine. Senior Managing Director Drew White of Berkadia’s Washington, D.C. office and Director Carter Wood of Berkadia’s Richmond, Virginia office completed the $38.9 million sale on behalf of the seller, Norfolk-based Marathon Development Group, and the buyer, Virginia-based Waverton Associates. The portfolio closed on March 31.
“We were pleased to represent such a prolific developer, well known through the Norfolk community,” said Wood. “The uniqueness of the portfolio due to its historic nature, as well as the robust rent and occupancy growth in Norfolk, were two of the many reasons we had interested investors from all over the country.”
The Loraine is a 56-unit property located at 245 Granby St. The property features studio, one- and two-bedroom open floor plans with in-unit washers and dryers. Community amenities include a fitness center, a resident clubhouse and two ground floor retail tenants who are well known throughout Norfolk.
The Rockefeller is located at 130 Brooke Ave. The 146-unit property features studio, one- and two-bedroom floor plans with walk-in closets and in-unit washers and dryers. Community amenities include a fitness center, an outdoor area with grilling stations and a rooftop courtyard and sundeck.
Both properties afford residents convenient access to Interstate 264, downtown Norfolk, MacArthur Center Mall and the shops and restaurants along Granby Street.