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 company business in Nevada.
© 2024 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
BRIAN CRIVELLA
Senior Managing Director 301.580.6685 brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
drew white
Senior Managing Director
240.396.1090
drew.white@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
CONTACT US
Resident Clubhouse with Billiards Table
Swimming Pool with Expansive Sundeck
Tennis Court
Soccer Field & Baseball Field
Fully Equipped Fitness Center
Dog Park
Children’s Play Area and Outdoor Courtyard
community
amenities
Stainless Steel Appliances
Laminate Countertops
Hardwood Flooring in Kitchen and Living Room
Central Heating and Air Conditioning
Private Balconies & Patios*
Washer/Dryer Connections
RENOVATED UNIT INTERIORS
Over the last 90 days rents are up 3.07% over the in-place average. Additionally, this submarket projects only one future development, consisting of 116-units, to deliver before 2029.
Strong Asset Performance & Limited Future Supply:
The Property can convert to 100% market rate upon expiration of the LIHTC agreement, which is set to expire December 31, 2029.
LIHTC Burn-Off:
According to National Center for Education Statistics, the local public school system earned an A- rating.
Strong Performing Schools:
The Property, under the current LURA, is subject to rent increases that are equal to the larger of CPI or Annual Wage Growth (capped at 10%). Additionally, there is substantial mark-to-market upside as the “Max Rents” afford an additional $500+/- depending on unit type.
Outsized Rent Growth & Mark-To-Market:
The Property's vintage allows for strategic optionality with the potential for a light value-add. One-Third of the units are in classic condition offering immediate value-add upside. Additionally, ownership can unlock value by pushing the restricted rents to the max net allowable rents.
Value-Add:
Berkadia is pleased to present the sale of Hideaway Townhomes (the “Property”), a 200-unit affordable townhome-style community strategically located in Fredericksburg, Virginia, equidistant to Washington, D.C., and Richmond. Hideaway Townhomes is a Low-Income Housing Tax Credit property, with extended use affordability restriction that is due to expire in December of 2029.
Fredericksburg, known for its historical significance, offers a charming blend of urban and rural living with a vibrant downtown area that features local businesses, 45+ bars/restaurants, 150+ retail shops and quaint cultural events. Residents are attracted to this submarket because of its natural beauty, including its beautiful landscapes and accessibility to the Rappahannock River. Fredericksburg also offers vast economic opportunities supported by a mix of government jobs, healthcare, education and small businesses, providing diverse employment. Additionally, the presence of the University of Mary Washington, and other education institutions add to its appeal. Fredericksburg is easily commutable to Northern Virginia and the greater DC MSA via the Virginia Railway Express (VRE), which station is a short distance from the Property, as well as I-95, which provides direct accessibility to Washington, D.C., and Richmond. This highly desirable location, within a strong performing submarket, is enhanced by its proximity to Downtown Fredericksburg, multiple retail centers, and DC MSA employment hubs.
These positive demand drivers allow Fredericksburg to perform as one of the strongest submarkets in the region. Axiometrics forecasts 3.77% year-over-year projected effective rent growth and 95.8% average occupancy through 2029. This combined with the historically low future supply pipeline provides future ownership the opportunity to continue capturing stable cashflow and with the opportunity to generate strong returns and long-term value appreciation.
Executive Summary
Median Household Income
Total Units
Current Occupancy
year built
Average SF
Visit Doc Center
Contact Us
The Opportunity
The Asset
Amenities
Contact
Doc Center
Privacy
Terms of Use
*Available in Select Units
BRANDON GRISHAM
Senior Managing Director 253.653.3313 brandon.grisham@berkadia.com
Mortgage Banking
PATRICK MCGLOHN
Senior Managing Director 301.941.4610 patrick.mcglohn@berkadia.com
BRIAN GOULD
Managing Director
301.941.4616 brian.gould@berkadia.com
The average unit size at the Property is 1,235 SF which is +250 SF larger than the average unit in the submarket.
Large Unit Types:
UNIT TYPE
# Units
% of Mix
UNIT MIX SUMMARY
Avg. SF
2 Bedroom
3 Bedroom
4 Bedroom
Total
104
78
18
200
52%
39%
9%
100%
1,093
1,309
1,734
1,235
(5-Mile Radius)
INVESTMENT HIGHLIGHTS
The Opportunity
The Asset
Amenities
Contact
Document Center
Privacy
Terms of Use
5600 SALEM RUN BLVD FREDERICKSBURG, VA 22407
5600 SALEMRUN BLVD FREDERICKSBURG, VA 22407
Carter Wood
Senior Director
804.780.9247
carter.wood@berkadia.com
Cole Carns
Director
804.780.9220
cole.carns@berkadia.com
JORDAN SKYLES
Director 208.631.4981 jordan.skyles@berkadia.com
Robert Falese
Senior Managing Director 215.328.1321 robert.falese@berkadia.com
Edward Shields
Real Estate Analyst 215.328.1398 ed.shields@berkadia.com
(Rent Roll Dated: 7/9/2024)
