INVESTMENT HIGHLIGHTS
1.
2.
Strategic Location With Regional Connectivity to Core Mid-Atlantic Region
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Sprawl near DC Metro due to affordable living costs and remote/hybrid work trends
Brand-New, Luxury BFR Townhome Community By America’s Largest Homebuilder, D.R. Horton
EXECUTIVE SUMMARY
Berkadia is pleased to exclusively present the exceptional investment opportunity to acquire The Meadows at Berkeley Ridge (the "Property"), the first institutional quality build-for-rent community in Martinsburg, WV. Located just west of the West Virginia and Maryland state boundaries and within commutable proximity to both DC Metro (70 miles) and Baltimore Metro (90 miles), the Property provides easy accessibility to two core Mid-Atlantic markets with access to the MARC commuter trail line in Downtown Martinsburg. The Property also benefits from exceptional connectivity to the historic towns of Frederick, MD and Leesburg, VA that are nationally renowned for their small town charm and ranks them among the nation’s most desirable small towns to live in.
Developed by America's leading homebuilder, D.R. Horton, The Meadows at Berkeley Ridge offers 148 townhome units averaging a spacious 1,912 square feet across the most luxuriously-appointed product in the market, all featuring a highly coveted and spacious 4BR/3.5BA configuration. Designed with the most discerning renter in mind, the upscale townhomes feature attached garages, private two-car driveways, state-of-the-art technology packages, open-concept gourmet kitchens, and top-of-market finishes throughout. As the sole dedicated luxury build-to-rent product in the area, the Property distinguishes itself from competition by offering residents true home-style living with the added luxury of a professionally managed Class A apartment community.
Berkeley County and the greater Eastern Panhandle region (Jefferson, Berkeley and Morgan Counties) of WV has seen a rapid influx of people moving to the region that is driven by new employment growth in the region’s manufacturing industry and a lower cost-of-living when compared to the other core/main markets in the Mid-Atlantic.
• New job formation is concentrated in the manufacturing industry where local employers have added 10K+ new jobs since 2010, by far more than any other area of West Virginia.
• More affordable cost-of-living; the Eastern Panhandle has added more than 64K+ residents over the last two decades.The majority of people moving to the region predominantly work in Northern Virginia, DC, and from the I-70/I-270 corridor, largely in white collar positions. It is also estimated that more than 40% of the Eastern Panhandle’s workforce holds a job in DC metro.
The Meadows at Berkeley Ridge commands the most desirable location of any build-for-rent community throughout DC metro and the Mid-Atlantic, positioned within the confluence of I-81 and I-70, which are the primary north/south and east/west thoroughfares in the greater four-state area of West Virginia, Maryland, Virginia and Pennsylvania.
The Meadows at Berkeley Ridge is being offered free and clear of any debt encumbrances.
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Property Overview
• Homes: 148
• YOC: 2023
• Avg SF: 1,912
• Market Rent: $2,114
• Market Rent PSF: $1.11
• Leased Percentage: 70%
THE ASSET
GALLERY
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A brand new, 148-unit built-for-rent townhome community
by America's largest homebuilder, D.R. Horton
2023
YOC
3
Stories
148
Townhomes
The Opportunity
The Asset
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Mackinley Robinson
Director
360.704.8831
mackinley.robinson@berkadia.com
Joel Kirstein
Managing Director
815.545.6309
joel.kirstein@berkadia.com
MORTGAGE BANKING
Brett Moss
Managing Director
BFR Housing
321.319.1414
brett.moss@berkadia.com
Tyler Swidler
Director
BFR Housing
321.319.1415
tyler.swidler@berkadia.com
Cole Carns
Director
DC Metro
804.878.1258
cole.carns@berkadia.com
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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/.
4.
Prime Interstate 81 Corridor with a Backbone to Thriving Manufacturing Base
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Spacious 4 Bedroom Townhomes Catering to the Under-Served Family Renter Contingent
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Established & Affluent Resident Profile Underscores Long-Term Investment Durability and Future Rent Growth
Drew White
Senior Managing Director
DC Metro
202.294.6976
drew.white@berkadia.com
Carter Wood
Senior Director
DC Metro
804.350.2109
carter.wood@berkadia.com
Carter Wood
Managing Director
DC Metro
804.350.2109
carter.wood@berkadia.com
Drew White
Senior Managing Director
DC Metro
202.294.6976
drew.white@berkadia.com
Joel Kreider
Broker of Record
Lee & Associates
724.601.4493
jkreider@lee-associates.com
Brian Gould
Managing Director
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
703.987.0874
patrick.mcglohn@berkadia.com
Miles Drinkwalter
Vice President
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
703.987.0874
patrick.mcglohn@berkadia.com
Miles DrinkWalter
Vice President
757.652.9597
miles.drinkwalter@berkadia.com