Sunday, October 1, 2023

Three-Property Portfolio Sold In Hampton Roads

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NEWPORT NEWS-Three apartment complexes were collectively sold recently, including two in Newport News.

On September 7, Berkadia announced the sale of the Ashton Portfolio, a three-property multifamily portfolio in the region.

The three developments include:

Apex at Ashton Green, located at 329 Boulder Dr. in Newport News. The complex has 118 units and features two-bedroom floor plans.

A separate development in Newport News was also sold as part of the portfolio. Ashton at Oyster Point, located at 802 Constance Dr., has 132 units and features one- and two-bedroom floor plans.

The third property a part of the sale was Ashton Village, a 120-unit apartment complex located at 220 Chowan Dr. on the Southside in Portsmouth that features one- and two-bedroom floor plans.

Senior Director Carter Wood of Berkadia Norfolk and Senior Managing Director Drew White of Berkadia DC Metro handled the sale on behalf of the seller, The Breeden Company. The properties were sold to Cleghorn Capital based out of Washington DC. The sale closed on August 2.

“We are thrilled to have been a part of this transaction that yielded phenomenal results for both parties,” said Wood in a statement. “While the capital markets threw a curveball at us during the marketing process, both buyer and seller were able to work efficiently through the hurdles and execute with little interference.”

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