WASHINGTON, D.C. and DENVER – December 2, 2021 – Berkadia announced today the sale of and financing secured for Greens at Hollymead, a 144-unit garden-style multifamily property located in Charlottesville, Virginia. Senior Managing Director Drew White of Berkadia D.C. Metro and Director Carter Wood of Berkadia Norfolk completed the $32.5 million sale on behalf of the seller. The deal closed on October 20.
“We are excited and fortunate to have represented the seller in this record-breaking transaction,” said Wood. “Ownership has a local knowledge and expertise that allowed them to substantially increase NOI across their hold period, while still leaving opportunity for the buyer. Charlottesville is really a unique market that draws investor interest from all over the country, as we saw here. The buyer identified the value and was able to capitalize.”
Managing Director Matt Schildwachter of Berkadia Denver secured the $21.125 million in acquisition financing on behalf of the buyer. The 10-year floating rate Fannie Mae loan features full-term interest only.
“Our Denver team was extremely pleased to close this deal with the buyer and our D.C. colleagues,” said Schildwachter. “Berkadia’s knowledge of the asset and understanding of the buyer’s business plan resulted in a very smooth and successful execution.”
Located at 1950 Powell Creek Court, Greens at Hollymead features one-, two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. Community amenities include a swimming pool, a fitness center, a clubhouse, a playground and a tennis court. The property affords residents convenient access to downtown Charlottesville, Charlottesville Airport and the shops and restaurants along Route 29.