NEWPORT NEWS, Va., CHARLESTON, S.C. and BIRMINGHAM, Ala. — August 16, 2019 — Berkadia today announced the $32.5 million sale of Arlington West, a 324-unit garden-style multifamily property in Jacksonville, North Carolina. Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News, Virginia office, along with Senior Managing Director David Oakley of Berkadia’s Birmingham, Alabama office and Managing Director Mark Boyce of Berkadia’s Charleston, South Carolina office, together completed the sale on behalf of the seller, New York-based Place Properties. The buyer was Florida-based Douglas Management and Realty Inc., and the deal closed on August 7.
“Arlington West matches the buyer’s appetite for well positioned class B and A assets in secondary markets,” said Hudgins. “This property has a history of excellent performance, and stands as a strong light value-add play moving forward.”
Located at 5049 Western Blvd., Arlington West features one-, two- and three-bedroom floor plans with dishwashers, granite countertops, in-unit washers and dryers, large walk-in closets, nine-foot ceilings and dark wood cabinetry. Community amenities include a 24-hour fitness center, a year-round saltwater pool and bathhouse, a sundeck, a clubhouse, a game room, two dog parks, outdoor grilling stations and a business center. Residents are afforded convenient access to Richard Ray Park, Jacksonville Commons Recreation Complex and the shops and restaurants along Western Boulevard.