INVESTMENT
HIGHLIGHTS
1.
2.
Strong Rent Growth Momentum
3.
Increasing Rent Differential vs Class A Rents
Proven Value-Add Upside
EXECUTIVE SUMMARY
Berkadia is pleased to exclusively present the exceptional investment opportunity to acquire Frontier Apartments (the “Property”) located in Roanoke, Virginia. Located just 10 minutes from Downtown Roanoke, the Property provides easy train accessibility throughout the Mid-Atlantic with access to the Amtrak commuter trail line Downtown (3.7 mi south of the property) that provides daily train service to and from Washington, DC, New York, and beyond. The Roanoke Downtown Historic District, meanwhile, is nationally renowned for its small town charm and ranks among the nation’s most desirable small towns to live in.
Frontier Apartments offers 194 garden-style units across both 1BR and 2BR layouts. Over the past 5 years, the Property has been carefully maintained and updated via a comprehensive interior renovation program where 38 units have been fully renovated with modern, up-to-the-minute interior amenities, achieving in-place premiums of $206 per unit. Additionally, 83 units have also been partially upgraded, achieving average in-place premiums of $93 per unit. The Property’s renovation success is partly being fueled by a strong upward pressure in rents in the Class A segment, where recent Class A deliveries are anywhere from $550-$650 greater than its Class B peers in the market. Frontier Apartments provides strong proven upside in that its proven renovation strategy can be continued across the remaining 156 Classic and partially upgraded units to increase rents by $150+, all the while still maintaining a strong discount to Class A rents.
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Property Overview
• 194 Units
• Built: 1971-1972
• StyleSto-Style Gardenn
• Rentable SF: 145,040 SF SF
• Average Unit Size: 748 SF
• In-Place Rent: $1,119 | $1.50/SF
• Market Rent: $1,235 | $1.65/SF
• Occupancy (as of 3/28/25): 98.5%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
748
AVG Unit Size
99%
Occupancy
194
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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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
Ted Hermes
Managing Director
Multifamily Housing
703.408.7701
ted.hermes@berkadia.com
Phil Brannigan
Senior Managing Director
Multifamily Housing
781.801.2378
phil.brannigan@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.
Capex Investment Stewardship
5.
Mission-Eligible Asset with Favorable Financing Options
6.
Located in the Picturesque
Blue Ridge Mountains
3.
Extraordinary Innsbrook Campus Fuels Demand
4.
Crafted to Attract Richmond’s High-Income Renters
5.
Immediate Access to Short Pump Retail Corridor