Waverton Associates has acquired a two-property, 202-unit portfolio in Norfolk, VA from Marathon Development Group for $38.9 million, Berkadia announced in a press release.
Transaction Details: 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. 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.
Solid Location: Both properties afford residents convenient access to Interstate 264, downtown Norfolk, MacArthur Center Mall, and the shops and restaurants along Granby Street.
Brokers: Drew White of Berkadia’s Washington, D.C. office and Director Carter Wood of Berkadia’s Richmond, Virginia office facilitated the deal. The portfolio closed on March 31st.
Heard on the Street: Berkadia’s Carter Wood: “We were pleased to represent such a prolific developer, well known through the Norfolk community. 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.” [PR]