NORFOLK, Va. and WASHINGTON, D.C.— February 10, 2022 — Berkadia announced today the sale of Ashland Towne Square, a 218-unit garden-style multifamily property in Ashland, Virginia. Senior Director David Hudgins and Director Carter Wood of Berkadia Norfolk, and Senior Managing Director Drew White of Berkadia D.C. Metro, together completed the $45.3 million sale on behalf of the seller, Virginia-based Ashland Apartment Associates, LP. The buyer was Maryland-based Acento Real Estate Partners, and the deal closed on December 17, 2021.
“The property was very unique in the sense of limited competition,” said Hudgins. “There are only a handful of communities in the Ashland area over 100-units that offer the amenities Ashland Towne Square does, so vacancy rarely exceeds two to three percent. With Berkadia’s resources and technology, we were able to help potential buyers understand the Ashland story, creating tremendous interest from capital around the country, adding more value for our client.”
Located at 204 Kings Arms St., Ashland Towne Square features one-, two- and three-bedroom floor plans with air conditioning, in-unit washer and dryer hookups and walk-in closets. Community amenities include a swimming pool, laundry facilities and a playground. The property affords residents convenient access to Route 1, Interstate 95 and the shops and restaurants along England Street.