3802 Towne Point Rd, Portsmouth, VA 23703
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
Patrick McGlohn
Senior Managing Director
703.987.0874
patrick.mcglohn@berkadia.com
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
MORTGAGE BANKING
CONTACT US
BILL GRIBBIN
Managing Director
301.580.6486 bill.gribbin@berkadia.com
YALDA GHAMARIAN
Managing Director
240.462.2332 yalda.ghamarian@berkadia.com
BRIAN CRIVELLA
Senior Managing Director 301.580.6685 brian.crivella@berkadia.com
Cole Carns
Senior Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
Carter Wood
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
INVESTMENT SALES
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THE LOCATION
Floor plan Studio ORI (Semi-Furnished) STUDIO STANDARD Jr 1 Bedroom
1 Bedroom
JR 2bedroom
2 bedroom
2 bedroom den
Apartment Total/avg.
1bedroom ph
2 bedroom ph
2 bedroom den ph
3 bedroom ph
3 bedroom den ph
penthouse total/avg.
1 bedroom affordable (60% AMI)
2 bedroom affordable (60% AMI)
affordable total/avg.
property total/avg.
Avg. sf
342
455
621
657
875
1,140
1,207
712
1,151
1,424
1,598
1,581
1,710
1,479
642
1,142
892
739
% Unit Mix
8.3%
12.1%
24.6%
23.2%
8.0%
15.1%
3.8%
95.0%
0.5%
0.9%
0.5%
0.9%
0.2%
3.1%
0.9%
0.9%
1.9%
100.0%
# of Units
35
51
104
98
34
64
16
402
2
4
2
4
1
13
4
4
8
423
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2055 15th St N | Arlington, VA
Total sf
11,970
23,205
64,619
64,382
29,750
72,975
19,312
286,213
2,302
5,696
3,196
6,324
1,710
19,228
2,568
4,568
7,136
312,577
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423 Luxury Residences and 18,461 SF of Place-Making Retail Ideally Located Along the Rosslyn-Ballston Corridor in the Court House Neighborhood of Arlington, VA
QUICK STATS
Adjacent to Court House Station Orange / Silver Line
Metro Adjacent
18,461 SF
placemaking retail
$173,500
Average HH Income:
98
Walk Score
739
Avg. Unit Size
423
Total Units
2023
year built
Berkadia is pleased to present the sale of The Commodore (the “Property”), a 20-story, 423- unit trophy community delivered in 2023 in the Courthouse neighborhood of Arlington, VA. This award-winning community is the tallest in the Courthouse neighborhood, capturing multi-directional views from the National Cathedral to Tysons Corner, Arlington Cemetery, the Pentagon, and the National Mall. Designed by Cooper Carry, the Property’s towered corners offer units with three-sided, floor-to-ceiling glass that are unrivaled in the market. The Commodore’s common areas include artfully designed spaces ideal for both work and relaxation alike with spanning greenery that consumes the Property’s numerous outdoor spaces. On the ground floor, 18,444 SF of fully leased high profile retail provides residents the convenience and luxury consistent with the elevated offerings above.
The Rosslyn-Ballston corridor has seen an explosion of growth in real estate fundamentals over the past decade and that has accelerated in the last 24 months. The Commodore’s central location along the Rosslyn-Ballston Corridor offers residents unique walkability to 2 million square feet of retail encompassing hundreds of shops, restaurants, and entertainment destinations (98 walk score). This location also provides walkability to many of the major corporate employment players along the corridor including but not limited to Nestle, Gartner, Raytheon, Deloitte, and Costar’s announcement of their impending move to Rosslyn. The Property also sits directly adjacent to the entrance of the Metro Orange/Silver Line’s Court House Station connecting residents directly along the Rosslyn-Ballston Corridor and providing convenient access to the region’s most prominent demand drivers; Amazon HQ2, the newly opened Virginia Tech Innovation Campus, and downtown Washington, D.C all within a 10-minutes ride.
Executive summary
INVESTMENT HIGHLIGHTS
1
Premier Living Experience: The Commodore is a nationally recognized asset offering residents an elevated living experience with the most expansive amenity offering and well-curated placemaking retail in the Rosslyn-Ballston Corridor.
2
Outstanding Property Performance: The Commodore achieved over 30 leases per month throughout lease up and has continued to perform exceptionally with 12% increases on new leases and approximately 10% increases on renewals year to date.
4
Superior Demand Drivers: Central to the Rosslyn-Ballston Corridor’s 1.2M SF of retail and 25M+ SF of office space including the Headquarters of Accenture, Boeing, Raytheon, and Nestle, and Costar.
5
Superior Renter Demographics: The Property’s micro location consists of some of the strongest demographics in the DC Metro with 71% renter occupied households, 79% achievement of a bachelor’s degree or higher, and a median age of 32.8 (1-Mile Radius). This is reflected at the Property that boasts an average household income of $173,500.
6
Upcoming Supply Shortfalls: Located in supply declining submarket as deliveries along the Rosslyn-Ballston Corridor over the next 3 years are expected to drop 50% from the delivery volume of the last 5 years.
3
Metro Adjacent: Steps from Court House Metro Station (Orange/Silver) providing connectivity along the Rosslyn-Ballston Corridor and rapid access to Amazon’s HQ2, Potomac Yard’s Viginia Tech Innovation Campus, Reagan National Airport, and throughout downtown Washington, D.C.
UNIT MIX
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TENANT YOGA SIX
PLAYABOWLS
RUMBLE
MAMAN
SAKI Vacant / prior loi
RETAIL TOTAL
LEASE TYPE
NNN
NNN
NNN
NNN
NNN TBD
SQUARE FOOTAGE
2,234
1,514
3,017
3,434
4,497 3,765
18,461
LEASE DURATION
123 MONTH TERM
10 YEAR TERM
124 MONTH TERM
10 YEAR TERM
10 YEAR TERM TBD
LEASE START
8/1/24
11/22/24
11/28/24
Q3 2025 EST.
Q4 2025 EST. TBD
LEASED RETAIL
