Berkadia Completes Sale and Secures $31.7 Million in Financing for Multifamily Property in Virginia
WASHINGTON, D.C., NORFOLK, Va. and ATLANTA — June 13, 2022 — Berkadia announced today the sale of and financing secured for Summit Kings Mill, previously named Kendalwood Apartment Homes. Summit Kings Mill is a 170-unit garden-style multifamily housing property located in Fredericksburg, Virginia. Senior Managing Director Drew White of Berkadia D.C. Metro and Senior Director Carter Wood of Berkadia Norfolk completed the sale on behalf of the seller, Virginia-based Capital Investment Advisors, and the buyer, New York-based Quad Property Group. The deal closed on May 6.
“Fredericksburg’s rent growth led the entire Washington D.C. Metro area for the better part of the last 12 months and is projected to be 6.3 percent through 2026,” said White. “Quad Property Group wanted to capitalize on the health of the submarket as well as on the continued value-add play at Summit Kings Mill.”
Senior Director Joshua Finley of Berkadia Atlanta secured $31.7 million in acquisition financing on behalf of the buyer. The three-year bridge loan was financed through ACRE.
Located at 214 Kings Mill Court, Summit Kings Mill features one-, two- and three-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a swimming pool, a fitness center and a playground. The property affords residents convenient access to the University of Mary Washington and the shops and restaurants near Emancipation Highway.