Dazzling, Award-Winning Historical Readaptations: The Portfolio are exquisite redevelopments completed by Norfolk’s prolific Marathon Development Group that have garnered several acclaimed awards for their historically significant restorations with truly contemporary unit finishes.
Immediate Operational Scale: A “Once in a Generation” opportunity to realize immediate operational scale where all 5 properties are located within a walkable 2 block radius of one another, providing for excellent managerial efficiencies
Cash Flows Insulated by Long-Term Real Estate Tax Abatements: All five properties benefit from city rehab real estate tax abatements that collectively generate $1.5 million in real estate tax expense savings that will burn off between 2029 to 2033.
Core Investment Opportunity: Charming luxury multifamily assets with market-leading amenities and finishes located in Norfolk’s famed Granby Street District.
Berkadia is pleased to present the sale of The Great Granby Portfolio (the “Portfolio”), a collection of five truly iconic multifamily properties with 14,738 SF of first floor commercial space located squarely in the heart of Downtown Norfolk’s famed Granby Street District. The Portfolio comprises a total of 285 luxury multifamily units contained in five of Downtown Norfolk’s most historic buildings originally built between 1899 to 1907. All five assets carry significant historical significance, with original uses that spanned original lawyer and banker offices, European-style boutique hotels, and as the headquarters of the famed “The Virginia Club” (at the time a club of Norfolk’s leading gentry).
Additionally, All 5 assets are listed on the Virginia Landmarks Register and the National Register of Historic Places, and benefit from long-term real estate tax abatements that officially burn off between ‘29-’33.The assets were intricately redeveloped and restored by Norfolk’s prolific Marathon Development Group between 2015 and 2019, having won various awards for their exquisite historical readaptations into their modern day uses. The extravagant building exteriors conjure a sense of their magnificent past, while the luxe interior finishes are carefully curated to cater to the full spectrum of Norfolk’s top tier demographic renter base. The assets provide the swankiest city living experience, with access to the most appealing contemporary finishes and amenities in the submarket.
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• 285 Luxe Units with 14,813 SF of Prime Commercial Space
• Historical Readaptations, Renovated between 2015-2019
• Average Multifamily Unit Size: 577 SF
• Total Net Rentable SF: 179,258 SF
• Avg. Market Rent: $1,425/Unit, $2.47/SF
• Occupancy: 95.4% (as of 12/27/22)
207 Granby Street Suite 201. Norfolk, VA 23510
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Award-Winning Multifamily Portfolio in Norfolk, VA’s Famed Granby Street District
Senior Managing Director
Senior Managing Director
207 Granby Street
Norfolk, VA 23150
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© 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/.
Favorable Mixed-Use Component: Collectively, four of the five properties comprise a total of 14,813 square feet of prime street level retail via 8 tenant spaces that generate $423,976 of yearly revenue.
Walker’s Paradise Locations (92 Walk Score): Located in the in the heart of Downtown Norfolk, the Portfolio provides immediate access to the coveted Live-Work-Play lifestyle with over 5.8M+ SF of office space, 28,000+ jobs, and walkable access to the metro’s most buzzing nightlife and entertainment scene with coveted up-to-the-minute amenities
Portfolio Delivery: 4 of the 5 properties are being offered on a Free & Clear Basis. Investors have the opportunity to assume the favorable in-place debt behind The Law Building (VHDA debt, 3.858% fixed rate, 30-year term, fully amortizing)