VIRGINIA BEACH, Va. – June 12, 2018 – Berkadia today announced the $52.15 million sale of Mariner’s Cove Apartments, a 458-unit multifamily garden-style property in Virginia Beach, Virginia. Senior Directors Alan Meetze and David Hudgins of Berkadia’s Newport News, Virginia office completed the sale on behalf of the seller, BDMG Inc., based in Maryland. The buyer was Charlottesville, Virginia-based Seminole Trail Properties, and the deal closed on May 31.
“Mariner’s Cove stands as a dynamic value-add play for the new ownership, and with a location near Virginia Beach Town Center, the asset has a terrific upside,” said Meetze. “The buyer has already commenced renovations, and Mariner’s Cove will be significantly transformed in the next 12 months.”
Located at 832 Blackfriars Drive, the property offers one-, two- and three-bedroom apartments and three-bedroom townhomes. Located in the heart of Virginia Beach’s new downtown Town Center, Mariner’s Cove affords convenient access to the oceanfront, as well as nearby shopping and restaurants.