INVESTMENT
HIGHLIGHTS
1.
2.
Strong NOI Growth Trends
3.
Offered on a Loan Assumption or Free & Clear basis
Value-Add Opportunity with Significant Upside
EXECUTIVE SUMMARY
Berkadia Real Estate Advisors is pleased to exclusively present Monarch Crossing (“the Property”), a 260-unit Class B multifamily community situated in Newport News, Virginia—one of the Mid-Atlantic region’s premier growth markets. Originally built in 1973, Monarch Crossing is coveniently located off of Jefferson Ave near the I-64 interchange and high-visibility Warwick Boulevard (40,095 vehicles/day), placing residents within easy reach of Whole Foods Market (2.4 miles away) and other key regional employers.
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Property Overview
• 260 Units
• Built: 1973
• Site Size: 16.5 Acres
• Rentable SF: 233,740 SF SF
• Average Unit Size: 899 SF
• Average Rent: $1,227
• Average Rent/SF: $1.36
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
899
AVG Unit Size
1973
BUILT
260
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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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
Edward Flannery
Real Estate Analyst
Multifamily Housing
973.508.2699
ed.flannery@berkadia.com
TJ Piper
Director
Multifamily Housing
215.667.9640
tj.piper@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 Infusion - Little Deferred Maintenance
5.
Steady Rent Growth Due to Limited Supply
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Immediate Access to Newport News Demand Drivers
3.
Offered on a Loan Assumption or Free & Clear basis
4.
Capex Infusion - Little Deferred Maintenance
5.
Steady Rent Growth Due to limited Supply