INVESTMENT HIGHLIGHTS
1.
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Substantial Cap-Ex Investment: Excellently maintained asset that has seen over $3M invested into the Property via combination of key community, building, and in-unit upgrades.
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Proven Value-Add Opportunity: While property’s in-place renovations are achieving strong average in-place premiums, there is opportunity to implement a more comprehensive renovation standard that could be applied to all units to able to capture premiums of $200+ per unit.
Accretive In-Place Financing: Assumable In-place Freddie Mac co-terminus senior and supplemental loans that features a below market blended fixed rate of 4.57%, 30 months of remaining I/O, and a combined 75%+ LTV.
EXECUTIVE SUMMARY
The Berkadia Real Estate Advisors Team is pleased to present the exclusive offering of the Residences at Sonoma Woods (the “Property”), a 112 unit value-add multifamily asset in Newport News, Virginia. Built in 1974, The Residences at Sonoma Woods is an exceptionally maintained Class B+ asset in Newport News’ highly trafficked Jefferson Avenue corridor (34,200 vehicles/day).
Over the past 5 years, Ownership has invested approximately $3M ($27k/unit) in capital improvements that has substantially enhanced the Property’s overall appeal and marketability. Notable recent upgrades include extensive exterior projects (new roofs, gutters, downspouts, updated siding, windows in all buildings), clubhouse and fitness center enhancements, in addition to expansive in-unit amenity upgrades in 92 units that are achieving average in-place premiums of $89/unit and up to $146/unit for the larger floor plan sizes.
The Residences at Sonoma Woods is ideally located just east of Interstate 64, minutes away Bon Secours Mary Immaculate Hospital (est 500 jobs), Newport News/Williamsburg International Airport (annual economic impact of $185M), Joint Base Langley-Eustis (37K jobs, $3.4B annual economic impact), the City Center at Oyster Point business district (52 acre, mixed-use development with 1M SF of Class A office and 230K of retail and restaurants), Jefferson Lab (4,400 supported jobs, $679M annual economic impact), and Riverside Regional Medical Center that is part of the expansive Riverside Health System that supports 9,500+ jobs and over $1.2B of annual economic impact. With the highest traffic count on I-64 between Hampton and Richmond, The Residences at Sonoma Woods is within easy grasp of commuters as well as the region’s highest income earning residents.
The Residences at Sonoma Woods is being offered on a debt assumption basis with favorable assumable co-terminus agency senior and supplemental debt. The loans feature a below-market, 30 months of remaining I/O, blended fixed interest rate of 4.57% and a highly ideal LTV of 74% to 76%.
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Property Overview
• 112 Total Units
• Built: 1974
• Submarket: Newport News
• Average Unit Size: 1,099 SF
• Total SF: 123,040 SF
• In-Place Rent/Unit: $1,312
• In-Place Rent/SF: $1.19
• Occupancy (As of 2/5/24): 98.2%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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104-B Landmark Ct, Newport News, VA 23608
98.2%
Occupancy
1,099
Avg Unit SF
112
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/.
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Exceptional Connectivity: Strategically located adjacent to highly trafficked Jefferson Avenue (35K vehicles/day), minutes away from Whole Foods (three miles to the north), Bon Secours Mary Immaculate Hospital (500+ jobs), Newport News/Williamsburg International Airport (annual economic impact of $185M), Joint Base Langley-Eustis (37K jobs), City Center at Oyster Point business district that is the Peninsula’s new “downtown,” and nationally acclaimed Jefferson Lab (5,500+ supported jobs)
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Proximity to Tech Center: Located in close proximity to Tech Center Research Park, 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, along with 250K square feet of retail, serving as the economic engine for the City and region.
4.
Ideal Connectivity: Strategically located adjacent to highly trafficked Jefferson Avenue, minutes away from Joint Base Langley-Eustis (37K jobs), Naval Weapons Station Yorktown (73K military, civilian and contractors), City Center at Oyster Point business district that is considered the Peninsula’s new “downtown,” and Jefferson Lab (5,500+ supported jobs).
5.
Proximity to Tech Center : Located in close proximity to Tech Center Research Park, a 100-acre, $450M mixed-use development that supports 5,500+ jobs, encompassing 1.1M SF of state-of-the-art research, office and lab space and 250K SF of retail, serving as the economic engine for the City and region.
Matt Robbins
Managing Director
Multifamily Housing
617.548.6673
matt.robbins@berkadia.com
Mitch Sinberg
Senior Managing Director
Multifamily Housing
954.663.9894
mitch.sinberg@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Senior Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
Matt Robbins
Managing Director
Multifamily Housing
617.548.6673
matt.robbins@berkadia.com
Mitch Sinberg
Senior Managing Director
Multifamily Housing
954.663.9894
mitch.sinberg@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Senior Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
• Total SF: 123,040 SF
• In-Place Rent/Unit: $1,312
• In-Place Rent/SF: $1.19
• Occupancy (As of 2/5/24): 98.2%
© 2023 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
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