NORFOLK, Va. and WASHINGTON, D.C. — October 21, 2021 — Berkadia Institutional Solutions announced today the sale of Lumen, a 300-unit garden-style multifamily property in Hampton, Virginia, achieving a record breaking price per unit sale in the Hampton market. Senior Managing Director Drew White of Berkadia D.C. Metro and Director Carter Wood of Berkadia Norfolk completed the $82 million sale on behalf of the seller, a partnership between Virginia-based L M Sandler & Sons and Craig Davis Properties, Inc., and the buyer, New York-based Kushner Companies. The deal closed on September 27.
“This luxury, Class A new construction property leased up in record time,” said White. “It is a testament to the quality of the asset and demand in the submarket. The sellers did an excellent job identifying a site that will be insulated from subsequent apartment builds in the years to come. Kushner Companies’ ability to see this property’s value after a rigorous marketing process will benefit them greatly over the years to come in the exploding location.”
Located at 2100 N. Campus Parkway, Lumen features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers, granite countertops and stainless-steel appliances. Community amenities include a swimming pool, a fitness center, a clubhouse and a business center. The property affords residents convenient access to NASA Langley Research Center, Langley Air Force Base, Hamptons Golf Course, Peninsula Town Center and Interstate 64.