Berkadia Negotiates $31M Multifamily Property Sale in Hampton, Virginia
HAMPTON, VIRGINIA – June 6, 2023 – Berkadia announced today the sale of Carson Square, a 292-unit, garden-style multifamily property in Hampton, Virginia. Senior Director David Hudgins of Berkadia Norfolk led the transaction on behalf of the seller, Virginia-based Seminole Trail Properties.
Carson Square sold for $31 million to New Jersey-based Carson Square Assoc LLC on May 30. The sales price reflects a per-unit price of $106,164.
“The Hampton Roads market for workforce housing still remains strong during this interest rate hike cycle. While cap rates for Class A and B have been increasing, the workforce housing has remained relatively consistent. One factor that contributes is that the pricing is more based on a cost basis than an actual cap rate. So, it’s still a good time to sell!” said Hudgins.
Located at 1587 Briarfield Road, the property affords convenient access to Coliseum Central and easy access to I-64. Carson Square was built in 1971 and features 292 units with renovated one-, two-, and three-bedroom apartment homes.