INVESTMENT HIGHLIGHTS
1.
2.
Cap-Ex Infusion: Since 2019, ownership has invested approximately $3.2 million ($10,800/unit) into the Property via both income and non-income generating upgrades.
3.
Prime Connectivity: Surrounded by region’s most critical demand drivers including: Newport News Shipbuilding (25,000+ current jobs with further expansion of ~19K additional jobs by 2030), Jefferson Lab (4,400 supported jobs, $679M annual economic impact), Riverside Regional Medical Center that is part of the expansive Riverside Health System that supports 9,500+ jobs and the City Center of Oyster Point business district (52-acre, mixed-use development with 1M square feet of Class A office and 230K square feet of retail and restaurant space).
Proven Renovation Program: Property has a proven value-add program that is achieving phenomenal average in-place premiums of $354 across the platinum units with 104 classic units remaining.
EXECUTIVE SUMMARY
The Berkadia Real Estate Advisors Team is pleased to present the exclusive offeringof Harborstone (the “Property”), a 296-unit Class B property located in NewportNews, Virginia, one of the Mid-Atlantic region’s top-performing markets. Built inthree phases from 1964 to 1973 (averaging at 1967), the Property entirely comprisesgarden-style units that have proven upside with 77 Platinum renovations and 115Flooring-Only renovations to-date. The Property also benefits from being nestledwithin the heart of the Peninsula and is just 3.5 miles from the City Center at OysterPoint mixed-use business district.
Ownership’s in-place renovation program has been highly successful with resultsthat are short of phenomenal. To-date, ownership has completed 77 Platinum inunitrenovations that are achieving in-place premiums of $354/unit, respectively.Prior ownership has completed 115 Flooring-Only renovations that are achievingin-place premiums of $80/unit, respectively. This leaves ample remaining value-add upside for Investors where they can drive further NOI growth by renovatingthe remaining 104 Classic units while also further upgrading the 115 Flooring Onlyunits. Harborstone is a top-performing Class B asset that has been exceptionalmaintained. Since 2020, Ownership has invested $3.2M into the Property via awide-ranging set of improvements that has enhanced the Property’s overall investment appeal.
Hampton Roads proves to be among themost resilient regions in the nation dueto its diversified economy, strong marketdrivers and its strong military/defensepresence that anchors the region. 2024is projected to be even more favorablethan 2023 (estimated $27.1B impact), withincreasing defense budgets, increasing cargo traffic and increasing tourism projectionsthat creates a windfall of continued upside for the region in the form ofcontinued strong rent growth trends. As the ace in the hole, Hampton Roads’ backbonein the ever important and critical defense sector continues to fuel the region’seconomy and has profound highly positive ripple effects to multifamily rental rates.
The combination of Harborstone’s proven value-addproposition and exceptional Peninsula location providesInvestors with the ability to capture stable long-term cashflow in one of Hampton Road’s most coveted submarkets.The Property is being offered on a Free & Clear basis.
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Property Overview
• 296 Total Units
• Built: 1967 Avg (3 Phases)
• Submarket: Newport News
• Average Unit Size: 853 SF
• Acres: 9.09
• In-Place Rent: $1,040
• In-Place Rent/SF: $1.22
• Occupancy (As of 4/25/24): 93.6%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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761 Adams Drive,Newport News VA, 23601
93.6%
Occupancy
853
Avg Unit SF
296
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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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.
© 2023 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/.
4.
Tech Center Accessibility: Located in the cradle of STEM, Tech Center Research Park is a 100-acre, $450M mixed-use development that supports 5,500+ jobs, encompassing 1.1M square feet of state-of-the-art research, office and lab space and 250K square feet of retail, serving as the economic engine for the city and region.
5.
Mission-Eligible Asset: Property rents introduce possibility for advantageous agency financing initiatives.
4.
Tech Center Accessibility: Located in the cradle of STEM, Tech Center Research Park is a 100-acre, $450M mixed-use development that supports 5,500+ jobs, encompassing 1.1M square feet of state-of-the-art research, office and lab space and 250K square feet of retail, serving as the economic engine for the city and region.
5.
Mission-Eligible Asset: Property rents introduce possibility for advantageous agency financing initiatives.
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
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
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
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
• Acres: 9.09
• In-Place Rent: $1,040
• In-Place Rent/SF: $1.22
• Occupancy (As of 4/25/24): 93.6%
© 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
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
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
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
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