INVESTMENT HIGHLIGHTS
1.
2.
Accretitive In-Place Financing with Potential for 2nd Supplemental: Features an assumable in-place agency loan with an existing supplemental that features a blended below-market fixed rate of 4.40% and 31 months of remaining I/O. Property’s favorable performance provides strong support for an additional co-terminus 2nd supplemental loan that can increase existing proceeds by another $5M to $5.5M.
3.
Preeminent Luxury Townhome Rental in Hampton Roads: Comprised of a stunning collection of 2 and 3 story villa-style 2 & 3 story townhomes with porches and garages that is a true rarity in the Hampton Roads rental market. Trail Creek’s ideal unit mix is perfectly tailored to capture Hampton Roads’ most discerning renters who desire the largest and most luxurious amenities.
Proven Next Level Renovations : To-date, 110 of the 300 total unit interiors have been updated with coveted up-to-the-minute, condo-quality finishes, achieving in-place premiums that range from $129 to $284 per unit. This leaves ample upside where the remaining 190 units can be upgraded to unlock $456,000 of additional top-line income, assuming average premiums of $200 per unit
EXECUTIVE SUMMARY
Berkadia Mid-Atlantic, as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest in Trail Creek Townhomes (the “Property”), a 300-unit luxury townhome community in the heart of Hampton Roads’ thriving Hampton submarket.
Trail Creek, developed in two phases in 2006 and 2012, offers a unique selection of modern villa-style townhomes in Hampton Roads. Unlike the typical garden product dominating the rental market, Trail Creek stands out with its 2 and 3 story townhomes featuring porches and 60 garages. Each unit features spacious, open-concept floorplans spanning 2 or 3 levels with unit sizes ranging from 810 to 1,510 SF. The Property also commands exceptional visual charm via its southern-style building elevations that alternate in soft neutral colors that resonate a perfect blend of sophistication and comfort. Each building also features authentic classic southern porches, adding to the overall charm of Trail Creek.
Trail Creek’s highly accessible location provides the best of both worlds – the convenience of being within walking distance to the Hampton Coliseum District and the excitement of living near Peninsula Town Center. The world-class Hampton Coliseum District is a mecca of first-class entertainment, boasting over 650 upscale retailers, dining destinations and businesses spanning over 1,900 acres. The biggest draw to living in Coliseum Central is access to the area’s beating heart, the Peninsula Town Center, a 1.1+ million open air mixed-use development that also boasts two parks, luxury apartments and flagship retailers that include Target, JC Penney and H&M.
Trail Creek is being offered on a debt assumption basis with assumable accretive in-place debt that features a blended fixed rate of 4.40% across the senior and supplemental loans, with 31 months of remaining I/O payments. The Property’s operations also provide strong support for an additional co-terminus supplemental loan.
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Property Overview
• 300 Total Units
• Built: 2008 Avg
• Submarket: Hampton
• Average Unit Size: 1,084 SF
• Total SF: 335,129 SF
• Market Rent: $1,951
• Market Rent/SF: $1.80
• In-Place Rent: $1,855
• In-Place Rent/SF: $1.71
THE ASSET
GALLERY
3802 Towne Point Rd, Portsmouth, VA 23703
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2 Abbot Drive, Hampton, VA 23666
2008
Built Avg
1,084
Avg Unit SF
300
UNITS
The Opportunity
The Asset
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Norfolk
207 Granby Street,
Suite 201,
Norfolk, VA 23510
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The Team
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
4.
Amenity-Rich Community: The combination of Trail Creek’s ideal Peninsula location, resort-level outdoor amenities, lifestyle programming and premium unit amenities offer residents a differentiating option that is unrivaled in the market. Amenities include spacious open-concept, multi-level floorplans, attached and detached garages, two recently updated clubhouses, two resort-style swimming pools, package receiving lockers, car wash station, bark park with agility course, a grilling pavilion, and two on-site ponds and walking trails with picturesque views that is the inspiration behind the namesake of the Property.
5.
Favorable Demographics: With over 49% of the Property’s household base earning in excess of $90K and 21% earning over $100K, Trail Creek appeals to the Renter-by-Choice segment of the population, who are the high-income earning market demographic who rent based on preference, not necessity.
4.
Amenity-Rich Community: The combination of Trail Creek’s ideal Peninsula location, resort-level outdoor amenities, lifestyle programming and premium unit amenities offer residents a differentiating option that is unrivaled in the market. Amenities include spacious open-concept, multi-level floorplans, attached and detached garages, two recently updated clubhouses, two resort-style swimming pools, package receiving lockers, car wash station, bark park with agility course, a grilling pavilion, and two on-site ponds and walking trails with picturesque views that is the inspiration behind the namesake of the Property
5.
Favorable Demographics: With over 49% of the Property’s household base earning in excess of $90K and 21% earning over $100K, Trail Creek appeals to the Renter-by-Choice segment of the population, who are the high-income earning market demographic who rent based on preference, not necessity.
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Managing Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES
• Market Rent: $1,951
• Market Rent/SF: $1.80
• In-Place Rent: $1,855
• In-Place Rent/SF: $1.71
© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
6.
Highly Accessible Location: Property commands a highly accessible location that provides the best of both worlds – the convenience of being within walking distance to the Hampton Coliseum District and the excitement of living next to the area’s beating heart in the Peninsula Town Center (a 1.1+ million- SF open air mixed-use development). Hampton Coliseum District is a mecca of first-class entertainment, boasting over 650 upscale retailers, dining destinations and businesses.
5.
Highly Accessible Location: Property commands a highly accessible location that provides the best of both worlds – the convenience of being within walking distance to the Hampton Coliseum District and the excitement of living next to the area’s beating heart in the Peninsula Town Center (a 1.1+ million- SF open air mixed-use development). Hampton Coliseum District is a mecca of first-class entertainment, boasting over 650 upscale retailers, dining destinations and businesses.
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
Miles Drinkwalter
Senior Director
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
Hunter Wood
Senior Director
Multifamily Housing
804.513.6243
hunter.wood@berkadia.com
Miles Drinkwalter
Senior Director
Multifamily Housing
757.652.9597
miles.drinkwalter@berkadia.com
Brian Gould
Managing Director
Multifamily Housing
917.297.7551
brian.gould@berkadia.com
Patrick McGlohn
Senior Managing Director
Multifamily Housing
703.987.0874
patrick.mcglohn@berkadia.com
MORTGAGE BANKING
Drew White
Senior Managing Director
Multifamily Housing
202.294.6976
drew.white@berkadia.com
Carter Wood
Senior Director
Multifamily Housing
804.350.2109
carter.wood@berkadia.com
Cole Carns
Director
Multifamily Housing
804.878.1258
cole.carns@berkadia.com
INVESTMENT SALES