UNIT MIX
1
Immediate Year One Upside
Berkadia is pleased to present the opportunity to purchase Trellis Herndon (“the Property”), a 168- unit fully-repositioned and highly amenitized asset nestled in the heart of Northern Virginia’s growth epicenter – the Reston-Herndon Corridor. Trellis Herndon is embedded in the ultra-high barrier to entry Dulles Tech Corridor, which is seeing some of the highest levels of renter demand in the DC Metro area, driven by exponential private sector employment growth.
The Property is restricted to 50% of units at 80% of AMI, making it eligible for mission-driven financing. Additionally, the current WDU rents are below the maximum allowable levels, creating an opportunity for immediate upside on the WDU units. The market rate units present mark to market rent growth supported by third party projections, the Property’s performance through lease-up, and the outperforming resident retention. Along with the rental growth opportunity, there is additional upside through other income collections as the Property currently does not charge for parking, utilities, or amenity fees.
The community is walkable to Reston Town Center, one of the region’s premier employment and recreation destinations offering over 400K SF of premium retail and +4M SF of Class A office space, as well as a newly finished metro stop. Additionally, residents enjoy immediate connectivity to the region’s arterial roadways as the Dulles Toll Road is adjacent to the Property, connecting residents to the full suite of the region’s employment drivers — Tysons Corner (15 Minutes), Rosslyn – Ballston Corridor (20 Minutes), and Downtown DC (25 Minutes).
Trellis Herndon presents an opportunity to acquire an asset below replacement cost in the heart of Northern Virginia’s explosive growth corridor with best-in-class financing options.
Property Overview
• 250 Units
• Built: 2024
• Site Size: 3.3 Acres
• Rentable SF: 195,263 SF SF
• Average Unit Size: 781 SF
• Average Rent: $1,753
• Average Rent/SF: $2.24
• Occupancy (as of 2/3/25): 84.4%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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The Team
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
Brian Gould
Managing Director
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
BRIAN CRIVELLA
Senior Managing Director 301.580.6685 brian.crivella@berkadia.com
YALDA GHAMARIAN
Managing Director
240.462.2332 yalda.ghamarian@berkadia.com
BILL GRIBBIN
Managing Director
301.580.6486 bill.gribbin@berkadia.com
INVESTMENT SALES
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
651
Avg. SF
95%
OccupANCY
2024
Fully Repositioned
168
Units
5.9%
2025 AM GROWTH
(novogradac)
INVESTMENT
HIGHLIGHTS
Unit Type Studio 1BR 2BR Subtotal
% of Total
25.00% 12.50% 12.50% 50.00%
Units
42 21 21 84
AVG. SF
532 625 915 651
Market Rate Units
Unit Type Studio 1BR 2BR Subtotal
TOTAL
Units
42 21 21 84
168
AVG. SF
532 625 915 651
651
WDU Units
% of Total
25.00% 12.50% 12.50% 50.00%
100%
Trellis Herndon currently includes cable / wifi, parking, utilities and amenity income in their rent ($150-200 / month). Additionally, there is significant headroom for a YR1 mark to market rent growth as the WDU units are below the max allowable level (~$250 /month) and the market rate units are a significant discount to the competitive set.
2
Proximate to all Northern VA Employment Hubs
In addition to being adjacent to Reston Town Center, the Property is located within the Dulles Tech Corridor (40M SF Office), a 15-minute drive to Tysons Corner (32M SF Office), and a 20-minute drive to the Rosslyn-Ballston Corridor (20M SF Office).
3
Outstanding Renter Demographics
Trellis Herndon has a median household income of $147,000 / year (Pyxis, 1-mile radius), situating the Property amongst some of the strongest renter demographics in the country.
4
Ideal Transit Connectivity
The Property is walkable to the Reston Town Center Metro Station (Silver Line) and is conveniently located adjacent to the Dulles Toll Road, both of which position renters to have premier accessibility to the full suite of Northern Virginia’s employment drivers.
5
Mission-Driven Financing
With 100% of units being at 80% AMI or less, the Property is eligible for mission-backed financing, offering compressed spreads and a 35-year AM.
6
Unprecedented Property-level Demand
With over 70% renewals at initial unit turns, Trellis Herndon has exceptionally strong property-level renter demand.
7
Below Replacement Cost in the Herndon Submarket with Limited Future Deliveries
The Reston-Herndon submarket has limited future deliveries and the replacement cost for garden product is over $400k+ / unit.
8
Exceptional Third-Party Projections
Due to the employment growth and the supply-demand imbalance, the Property’s immediate submarket projects 4.62% rent growth through 2027, putting it near the top of the outperforming DC Metro region (Axio, Costar, & Yardi).
EXECUTIVE SUMMARY
THE LOCATION
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
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