Berkadia Completes $27.65 Million Sale of Multifamily Property in Virginia

September 13, 2021

Berkadia Completes $27.65 Million Sale of Multifamily Property in Virginia

September 13, 2021
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NORFOLK, Va. and WASHINGTON, D.C.— September 9, 2021 — Berkadia announced today the sale of The Heritage at Settlers Landing, a 140-unit midrise-style multifamily property in Hampton, Virginia. Senior Managing Director Drew White, Director Carter Wood and Senior Director David Hudgins completed the $27.65 million sale on behalf of the seller, Virginia-based Levco Management. The buyer was New York-based Milrose Capital and VTS, and the deal closed on August 31.

“The Heritage at Settlers Landing was truly a flawless execution on behalf of Levco,” said Wood. “After purchasing this property just over two years ago, they added immediate value both operationally and physically while still leaving upside for Milrose and VTS to capitalize on. The look forward for Hampton is strong, and the demand in the Downtown Hampton pocket for Class A apartments is stronger. The buyers here will be pleased with what to expect moving forward.”

“The sale of The Heritage at Settlers Landing realized the accomplishment of a highly successful business plan in a relatively short period of time,” said Jared Levin, Managing Partner at Levco Management. “Levco’s ability to execute on unique business plans in a quick and efficient manner were a great compliment to this acquisition and we are pleased to report that the sale result exceeded our expectations. We would like to thank our entire team at Levco for the hard work they have put into this property over the past two years to ensure the success of this deal.”

“The sale of The Heritage at Settlers Landing closes out a successful case study in creating significant value through leveraging our integrated investment, property management and construction business lines,” said Max Comess, Managing Partner at Levco Management.  “We look forward to pursuing similar projects and outcomes as we deploy our recently closed fund in the coming years.”

 

Located at 553 Settlers Landing Road, The Heritage at Settlers Landing features one-, two- and three-bedroom floor plans with various renovated units, in-unit washers and dryers and a private patio or balcony in select units. Community amenities include a fitness center, a clubhouse and a business center. The property affords residents convenient access to Interstate 64 and the shops and restaurants along Settlers Landing Road.