INVESTMENT
HIGHLIGHTS
1.
2.
Strategic Capex
Infusion
3.
Operational Upside via
RUBS Implimentation
Proven Value-Add with
Scalable Upside
EXECUTIVE SUMMARY
Berkadia Real Estate Advisors is pleased to exclusively present The Villas of Oakwood (“the Property”), a 129-unit townhome and garden-style apartment community located in Richmond, Virginia. The Villas of Oakwood is ideally situated just over a mile from the heart of Richmond, offering residents convenient access to major regional employers.
The Villas of Oakwood presents a compelling investment opportunity with a proven value-add strategy and significant potential for rent growth. The property has already undergone successful renovations, achieving over $200 per unit in monthly rent premiums and a robust 36.8% return on cost. By continuing the renovation program on the remaining 52 classic units, new ownership can leverage a turnkey blueprint to capture similar rent increases. The renovation scope includes upgrades such as new flooring, modern appliances, updated cabinetry, and enhanced lighting. This strategy offers meaningful upside with limited operational risk. The Richmond market’s favorable rental environment, driven by high homeownership costs and strong rent growth in the Class B sector, further supports the investment’s potential for stable occupancy and rental growth.
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Property Overview
• 129 Units
• Built/Renovated: 1968 / '23-'24
• Site Size: 5.5 Acres
• Rentable SF: 104,232 SF
• Average Unit Size: 808 SF
• Average Rent: $1,265
• Average Rent/SF: $1.57
• Occupancy (as of 4/16/25): 95.4%
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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10801 Dylans Walk Road | Chester, VA 23831
808
AVG Unit Size
'23-'24
Renovated
129
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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Why Us?
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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
Multifamily Housing
917.297.7551
brian.gould@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
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Senior Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
• In-Place Rent: $1,747
• In-Place Rent/SF: $1.55
• Recent 2 Rent: $1,802
• Recent 2 Rent/SF: $1.60
© 2024 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
The Asset
4.
Ability to Buy Remaining Privately Owned Units
5.
Richmond Exceeding Major Markets in Rent Growth
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Favorable Rental Environment due to High Ownership Costs
3.
Extraordinary Innsbrook Campus Fuels Demand
4.
Crafted to Attract Richmond’s High-Income Renters
5.
Immediate Access to Short Pump Retail Corridor