INVESTMENT HIGHLIGHTS
1.
2.
Outstanding Property Performance Trends: Strong organic rent growth trends where Recent 2 and 5 rents are averaging 13.3% (+$147) and 13.7% (+$151) greater than the Property’s avg. in-place rent, respectively.
3.
Capital Stewardship: Excellently maintained asset by long-term owner who acquired the asset in 2014. In the past 5 years, ownership has invested $2.5M of capital into the Property via key community, building and in-unit upgrades.
Value-Add Opportunity: 224 units are candidates for full renovations with potential submarket upside premium of $300+/unit.
EXECUTIVE SUMMARY
The Berkadia Real Estate Advisors Team is pleased to present the exclusive offering of Woodscape Apartments (the “Property”), a 296 unit value-add multifamily asset in Newport News, Virginia, one of the Mid-Atlantic region’s top-performing markets. Built in 1975, Woodscape Apartments is a Class B+ asset that commands a strategic location in a highly constrained new supply submarket that has seen very deliveries since 2019.
Since 2018, Ownership has poured approximately $2.5M of capital investment into the Property that has reinvigorated the Property, headlined by a complete vinyl re-cladding of all buildings. Woodscape provides investors with considerable value-add upside in that all of the units are prime candidates for focused upgrades that would allow the Property to capture the $180 to $550 rent spread that exists between the submarket’s top Class B renovated product and Woodscape. A renovation strategy is highly supported by virtue of ownership already achieving average in-place premiums of $202 per unit at an incredibly low renovation cost per unit.
Multifamily submarket fundamental trends are stronger than ever in the region, allowing the Hampton Roads metro area to rank among the top of comparable Mid-Atlantic locations for effective rent growth performance. Berkadia’s Pyxis market intelligence indicates that Class B effective rents have grown by a staggering 32.5% over the past 36 months. This is further supported by Axiometrics’ survey of the submarket, where Axiometrics research also indicates effective rent growth of 27.0% over the past 36 months. These favorable submarket trends are allowing the Property’s rents to experience rapid acceleration, where Recent 2 and Recent 5 overall rents are $147 (+13.3%) and $151 (+13.7%) greater than the Property’s average in-place rent, respectively.
Woodscape Apartments is ideally located just east of I-64, minutes away from Joint Base Langley-Eustis (37K jobs, $3.4B annual economic impact) and 6.4 miles north of City Center at Oyster Point which serves as the City’s CBD. Interstate 64 is the primary thoroughfare of the Hampton Roads market. With the highest traffic count on I-64 between Hampton and Richmond, Woodscape Apartments is within easy grasp of commuters as well as the region’s highest income earning residents.
Hampton Roads proves to be among the most resilient regions in the nation due to its diversified economy, strong market drivers and its strong military/defense presence that anchors the region. 2024 is projected to be even more favorable than 2023 (estimated $27.1B impact), with increasing defense budgets, increasing cargo traffic and increasing tourism projections that creates a windfall of continued upside for the region in the form of continued strong rent growth trends.
Woodscape Apartments is being offered on a Free & Clear Basis
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Property Overview
• 296 Total Units
• Built: 1975
• Submarket: Newport News
• Average Unit Size: 1,008 SF
• Total SF: 298,368 SF
• In-Place Rent/Unit: $1,107
• In-Place Rent/SF: $1.28
• Recent 2 Rent/Unit: $1,255
• Recent 2 Rent/SF: $1.45
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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581 Calla Court, Newport News, VA 23608
1,008
AVG Unit SF
298,368
NRA
296
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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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/.
4.
Ideal Connectivity : Strategically located adjacent to highly trafficked Jefferson Avenue, minutes away from Joint Base Langley-Eustis (37K jobs), Naval Weapons Station Yorktown (73K military, civilian and contractors), City Center at Oyster Point business district that is considered the Peninsula’s new “downtown,” and Jefferson Lab (5,500+ supported jobs).
5.
Proximity to Tech Center: Located in close proximity to Tech Center Research Park, a 100-acre, $450M mixed-use development that supports 5,500+ jobs, encompassing 1.1M SF of state-of-the-art research, office and lab space and 250K SF of retail, serving as the economic engine for the City and region.
4.
Ideal Connectivity: Strategically located adjacent to highly trafficked Jefferson Avenue, minutes away from Joint Base Langley-Eustis (37K jobs), Naval Weapons Station Yorktown (73K military, civilian and contractors), City Center at Oyster Point business district that is considered the Peninsula’s new “downtown,” and Jefferson Lab (5,500+ supported jobs).
5.
Proximity to Tech Center : Located in close proximity to Tech Center Research Park, a 100-acre, $450M mixed-use development that supports 5,500+ jobs, encompassing 1.1M SF of state-of-the-art research, office and lab space and 250K SF of retail, serving as the economic engine for the City and region.
Miles Drinkwalter
Vice President
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
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
Miles Drinkwalter
Vice President
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
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
7.
Mission-Eligible Asset: Property rents introduce possibility for advantageous agency financing initiatives.
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
7.
Mission-Eligible Asset: Property rents introduce possibility for advantageous agency financing initiatives
• In-Place Rent/Unit: $1,107
• In-Place Rent/SF: $1.28
• Recent 2 Rent/Unit: $1,255
• Recent 2 Rent/SF: $1.45
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
© 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
6.
Top Ranked Effective Rent Growth Submarket : Ranks among the top Mid-Atlantic locations for effective rent growth performance, where Class B rents have grown by a staggering 32.5% over the past 36 months (Berkadia Pyxis).
6.
Top Ranked Effective Rent Growth Submarket : Ranks among the top Mid-Atlantic locations for effective rent growth performance, where Class B rents have grown by a staggering 32.5% over the past 36 months (Berkadia Pyxis).