VIRGINIA BEACH, Va. – August 10, 2017 – Berkadia announced the recent $46 million sale of Ultris at Banyan Grove, a 288-unit, garden-style multifamily property located in Virginia Beach, Virginia that sold at a per-unit price of $159,722. Senior Directors Alan Meetze and David Hudgins of the Newport News office represented the seller, New Jersey-based, ACP Banyan Grove, LLC. The buyer was Banyan Grove Owner, LLC, based in Virginia. The deal closed on August 1.
“Ultris is a well-maintained property with an appealling location in the strong Virginia Beach submarket,” said Hudgins. “As such, it was able to fetch benchmark pricing for the asset class at almost $160,000 per unit. The buyer has an excellent knowledge of the market and will be able to position the property favorably against newer competition in the Class A sector.”
Virginia Beach and the surrounding areas has seen increased interest from investors both regionally and nationally. The Hampton Roads region continues to score well nationally on metrics related to quality of life and appeal to millennials. As such, it is becoming an increasingly desirable locale for multifamily investment.
Located at 3816 Banyan Grove Lane and built in 2003, the property features one-, two- and three-bedroom floor plans. Apartments include vaulted ceilings, kitchens with a bistro bar, full size washer and dryers, large closets and oversized patios and balconies. Residents can also enjoy community amenities such as a 24-hour fitness center, a courtyard, a dog park and agility course, a movie theatre, a resort style swimming pool and picnic areas with grills.