Berkadia Arranges the Sale and Secures Financing for Three Multifamily Properties in Hampton Roads, Virginia
Hampton Roads, Virginia – September 30, 2024 – Berkadia announced today the sale and financing of three Peninsula properties – Abbington at Hampton Center, Abbington at Northampton, and Abbington Landing, a total of 1,461 units, comprised of both garden and townhouse style multifamily properties in Newport News and Hampton, Virginia. Senior Managing Director Drew White of Berkadia DC Metro, Managing Director Carter Wood of Berkadia Norfolk, and Director Cole Carns of Berkadia Richmond represented the seller, Richmond-based Weinstein Properties.
Senior Managing Director Richard Levine of Berkadia Atlanta secured financing through Freddie Mac on behalf of the buyer, Bethesda-based Acento Real Estate. The deal closed on September 10. The vast majority of the units at these properties are affordable to tenant’s earning 80 percent of area median income (AMI) or below.
“This was a monumental trade for Central and Southern Virginia,” said Wood. “It required a highly coordinated effort from all parties to achieve this outcome. Fortunately, Weinstein’s meticulous management of their assets ensured that everything within our control went smoothly. Acento made a major entry into the Hampton Roads market, and we are confident they will leverage the market’s strong fundamentals to their advantage for years to come.”
“The cooperativeness of the buyer and seller truly facilitated a successful transaction on these unique assets,” said Levine. “We are honored to have been entrusted to facilitate the financing and help Acento navigate to closing.”
The Properties located at 70 Lakeshore Drive – Abbington at Hampton Center, 165 Kathann Drive – Abbington at Northampton, and 961 Marcus Drive – Abbington Landing each affords convenient access to the area’s beating heart in the Peninsula Town Center (991K SF mixed-use development), the expansive Hampton Coliseum District, the City Center at Oyster Point and conveniently located to Newport News Shipbuilding that supports 25K jobs.