INVESTMENT HIGHLIGHTS
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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.
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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
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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.
EXECUTIVE SUMMARY
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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Portfolio Overview
• 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)
THE ASSETS
GALLERY
207 Granby Street Suite 201. Norfolk, VA 23510
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Award-Winning Multifamily Portfolio in Norfolk, VA’s Famed Granby Street District
95.4%
Occupancy
5
Properties
285
UNITS
The Opportunity
The Asset
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Miles Drinkwalter
Vice President
Multifamily Housing
703.652.9597
miles.drinkwalter@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
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
Hampton Roads
207 Granby Street
Suite 201
Norfolk, VA 23150
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© 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
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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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.
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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
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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)
