Berkadia Completes Sale and Secures Financing for Multifamily Property in Virginia

RICHMOND, Va., NORFOLK, Va., WASHINGTON, D.C. and DENVER — February 6, 2023 — Berkadia announced today the sale of and financing secured for Laurel Pines Apartments, a 120-unit garden-style multifamily property located in Richmond, Virginia. Senior Managing Director Drew White of Berkadia DC Metro, Senior Director Carter Wood of Berkadia Norfolk and Director Cole Carns of Berkadia Richmond completed the sale on behalf of the seller, Colorado-based Four Mile Capital. The buyer, also based in Colorado, was Highlands Vista Group, and the deal closed on January 11.

“We are pleased to have represented Four Mile Capital in the sale of Laurel Pines,” said White. “Operationally, the strong lease trade-outs showed Highland Vista Group the longer-term promise of this asset in arguably the best pocket of the submarket that is walkable to top notch retail.”

Managing Director Matt Schildwachter of Berkadia Denver secured permanent acquisition financing on behalf of the buyer. The 10-year fixed-rate loan was financed through Freddie Mac.

“This was a great opportunity for Highlands Vista Group to expand their growing footprint into Virginia with long-term financing that is accretive to the deal in a turbulent capital markets environment,” said Schildwachter.

Located at 4123 East Wood Harbor Court, Laurel Pines Apartments features one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include a swimming pool, a clubhouse, a fitness center, laundry facilities and a playground. The property affords residents convenient access to Virginia Commonwealth University, Richmond International Airport and the shops and restaurants near Interstate 64 and S Laburnum Avenue.

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