INVESTMENT
HIGHLIGHTS
1.
2.
High-end Design & Finishes from Developer Wood Partners
3.
Hampton Roads Exceeding Major Markets in Rent Growth
Potential for Enhanced Rental Revenue
EXECUTIVE SUMMARY
The Berkadia Investment Sales Team is pleased to present the Citizen Apartments (“The Property”). Citizen Apartments was built in 2018 and is comprised of 209 luxury multifamily units within the Jefferson Avenue commercial corridor, which is the Peninsula’s most dominant retail and employment corridor.
Citizen Apartments offers a compelling investment opportunity with significant potential for enhanced rental revenue. The property has maintained a low vacancy rate of 3.43% over the past three years, highlighting its ability to retain residents while absorbing strategic rent increases. Additionally, The Property benefits from exceeding major markets in rent growth, with a cumulative increase of 4.6% in the Hampton Roads MSA.
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Property Overview
• 209 Units
• Built: 2018
• Type: 3-Story Garden
• Rentable SF: 203,357 SF
• Average Unit Size: 973 SF
• Average Rent: $1,836
• Average Rent/SF: $1.89
• Leased (as of 5/31/25): 96.7%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
973
AVG Unit Size
2018
Completed
209
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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Why Us?
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Design
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The Team
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Miles Drinkwalter
Senior Director
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Senior Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
• In-Place Rent: $1,747
• In-Place Rent/SF: $1.55
• Recent 2 Rent: $1,802
• Recent 2 Rent/SF: $1.60
© 2024 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
The Asset
4.
Steady Rent Growth Amid Constrained New Supply
3.
Extraordinary Innsbrook Campus Fuels Demand
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Homeownership Costs Drive Renters to the Rental Market
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Centrally located In Virginia’s Gateway Region
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Immediate Access to Newport News Economic Drivers
3.
Hampton Roads Exceeding Major Markets in Rent Growth