WASHINGTON, D.C., and RICHMOND, Va. — June 8, 2021 — Berkadia announced today the sale of Spotswood Commons, a 212-unit garden-style multifamily property in Williamsburg, Virginia. Senior Managing Director Drew White of Berkadia DC Metro and Director Carter Wood of Berkadia Richmond completed the $46 million sale on behalf of the seller, Massachusetts-based The Dolben Company, Inc., and the buyer, New York-based Kushner Companies. The deal closed on June 8.
“Virginia remains incredibly attractive to renters, and investors, and the sale of Spotswood is an example of the type of well maintained, well located property that is garnering the most interest,” said White. “Spotswood Commons represents a great opportunity for both the buyer and seller. Dolben was able to realize exceptional value on a property they’ve owned for nearly twenty years, and Kushner Companies is investing in an excellent property that will continue to deliver value into the future.”
Located at 100 Glenburnie Road, Spotswood Commons features one-, two- and three-bedroom floor plans with air conditioning, a patio or deck and in-unit washers and dryers. Community amenities include a dog park, a clubhouse, a fitness center, a tennis court, an outdoor grilling area, a swimming pool, a volleyball court and a playground. Residents are offered convenient access to Colonial Williamsburg, Interstate 64 and the Williamsburg Premium Outlets.
Williamsburg apartment complex sold for $46M | Virginia Business
Berkadia Arranges $46M Sale of Spotswood Commons Apartments in WIlliamsburg, Virginia | REBusines Online
Kushner Pays $46Mln for Williamsburg, Va., Apartments | Commercial Real Estate Direct
The Dolben Co. Sells Virginia Asset for $46M | Multi-Housing News