INVESTMENT
HIGHLIGHTS
1.
2.
Meticulously Maintained
Asset
3.
Historically Robust Submarket Trends
$150+ Premiums Upside Via Next Level Reno
EXECUTIVE SUMMARY
Berkadia Mid-Atlantic, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in Reserve South Apartments (the “Property”), a 200-unit value-add multifamily property located in the high-performing Southside submarket of Richmond, VA.
Built in 1987, Reserve South is a Class B multifamily asset that offers spacious garden units complemented with a market-leading community amenity package. Reserve South features all 2BR and 3BR floorplans at unit sizes that range from 991 SF to 1,100 SF, respectively. The Property commands exceptional investment appeal with its meticulously landscaped grounds, updated clubhouse amenities and various building and interior unit upgrades. To-date, ownership has invested a total of $3.9M ($19,400/unit) of capital into the Property via a wide range of both income and non-income generating items.
Reserve South presents investors with a compelling opportunity to enhance value through a comprehensive Next Level renovation program, targeting the $212 to $271 per unit Class B rent gap that exists between similar vintage local properties and Reserve South. From 2016 to 2020, ownership partially renovated 108 units, achieving in-place premiums ranging from $91 to $133 per unit, depending on floorplan type. Reserve South is ripe with value-add potential, as all units are ideal candidates for a comprehensive Next Level renovation to capture the significant $212 to $271 per unit Class B rent delta in the submarket.
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Property Overview
• 200 Units
• Built: 1987
• Style: 2-Story Garden
• Rentable SF: 200,400 SF SF
• Average Unit Size: 1,002 SF
• Market Rent: $1,482
• Market Rent/SF: $1.48
• Occupancy (as of 1/28/25): 95.5%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
1,002
AVG Unit Size
1987
BUILT
200
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/.
Fidel Chilchoa
Real Estate Analyst
Multifamily Housing
312.845.1889
fidel.chilchoa@berkadia.com
Michelle Chang
VP - Operations
Multifamily Housing
312.845.1885
michelle.chang@berkadia.com
Laura Cathlina
Senior Managing Director
Multifamily Housing
312.339.5343
laura.cathlina@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
Anna Burns
Senior Real Estate Analyst
Multifamily Housing
630.800.8562
anna.burns@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.
RVA exceeding major markets in rent growth
5.
Favorable Rental Environment
3.
Historically Robust Submarket Trends
4.
RVA exceeding major markets in rent growth