INVESTMENT HIGHLIGHTS
Well performing LIHTC asset with the maximum allowable rents at a discount to comparable market rate assets as evidenced by a trailing-12 vacancy rate of 3%
The roofs were recently replaced in 2023, significantly reducing the capital needs for an incoming buyer
Old Dominium University, located within 10 minutes of the property, is one of the largest universities in Virginia with an enrollment of over 24,000
Fantastic growth in the 4-Person HUD Median Family Income with an 18.93% increase over the last two years, directly correlating to the strong increases in the rental limits
EXECUTIVE SUMMARY
Villa Terrace Apartments is an 82-unit affordable housing community located in Norfolk, VA. The property is nestled between popular parks and the Lafayette River, and is located minutes away from shopping, dining, healthcare facilities, and entertainment options.
The property was built in 1970 and rehabbed and placed in service in 2002 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 50% of Area Median Income (AMI) limits, which are provided by the Virginia Housing Development Authority. The property is beyond the initial tax credit compliance period.
The property offers two bedroom floorplans that include energy efficient appliances, and community amenities that include an on-site laundry facility, on-site maintenance and management, well-manicured landscaping, and a convenient location near public transportation.
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COMMUNITY AMENITIES
• Conveniently Located Near Public Transportation
• On-Site Laundry Facility
• On-Site Management
• 24 Hour Emergency Maintenance
APARTMENT FEATURES
• 2 Bedroom Units
• Energy Efficient Appliances
THE ASSET
GALLERY
2804 Waverly Way – Norfolk, VA 23504
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2804 Waverly Way – Norfolk, VA 23504
VILLA TERRACE APTS.
1970
BUILT
69,700
SQ FT
82
UNITS
The Opportunity
The Asset
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BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
CARTER WOOD
Director
Multifamily
804.780.9247
carter.wood@berkadia.com
DREW WHITE
Senior Managing Director
Multifamily
240.396.1090
drew.white@berkadia.com
INVESTMENT SALES
SEATTLE OFFICE
601 Union St.
Suite 3909
Seattle, WA 98101
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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/.
CARTER WOOD
Senior Director
Multifamily
804.780.9247
carter.wood@berkadia.com
BRANDON GRISHAM
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
INVESTMENT SALES
DREW WHITE
Senior Managing Director
Multifamily
240.396.1090
drew.white@berkadia.com
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/.
Chevy Chase OFFICE
4445 Willard Avenue
Suite 1200
Chevy Chase, MD 20815
Adam Tomberg
Director
Affordable Housing
206.521.7218
adam.tomberg@berkadia.com
Director
Affordable Housing
206.521.7218
adam.tomberg@berkadia.com
Director
Affordable Housing
206.521.7218
adam.tomberg@berkadia.com