INVESTMENT
HIGHLIGHTS
1.
2.
Implementation of New Profit Streams to Drive Upside
3.
Full-Scope Capital Enhancement Initiative
Value-Add Opportunity to Bridge the Gap to Renovated Class B Product
EXECUTIVE SUMMARY
Berkadia is pleased to present the exclusive offering of Reflections at Virginia Beach, a 480-unit garden-style apartment community located in the heart of one of the East Coast’s most resilient and sought-after coastal markets. Built in 1986 and institutionally owned and maintained, Reflections offers investors the chance to acquire a well-located, stabilized Class B asset with meaningful scale and a strong operational track record. The property is ideally positioned near major job centers and lifestyle amenities, with direct access to the area’s largest drivers across the defense, healthcare, logistics, and tourism sectors.
Importantly, the asset still offers a clear value-add upside, with the ability to further renovate all units to a premium finish level. These enhancements—focused on finishes, fixtures, and in-unit technology—are projected to support rent premiums of up to $250+ per unit, allowing new ownership to unlock meaningful NOI growth through a scalable, cost-effective strategy.
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Property Overview
• 480 Units
• Built: 1986
• Type: 3-Story Garden
• Rentable SF: 389,280 SF
• Average Unit Size: 811 SF
• In-Place Rent: $1,368
• In-Place Rent/SF: $1.69
• Leased (as of 7/9/25): 96.0%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
811
AVG Unit Size
1986
Completed
480
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
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
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Favorable Rental Environment Due to High Ownership Costs
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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