YORK-A new apartment complex is planned for upper York County in Greater Williamsburg.
The new development will be built along Marquis Parkway, according to a press release issued by Berkadia and dated October 10.
Berkadia announced that it arranged for $27.7 million in equity for GW Real Estate Partners to develop the community, which will be located at 1200 Marquis Parkway within the mixed used complex known as The Marquis shopping center.
GW Real Estate Partners is a Charlottesville-based multifamily development and construction firm. Its latest project in Williamsburg will cost a total of $77 million to build.
The project, known as Montage at Marquis Apartments, is described as a “garden-style” community that will feature 265 units. The community will offer one-, two- and three-bedroom apartments averaging 942 square feet in a single, four-story building, along with “best-in-class” amenities, according to the release.
“Montage at Marquis Apartments marks GW Real Estate Partners’ first ground-up multifamily development in the Williamsburg/Hampton Roads/Newport News MSA,” said Robert Gordon with GW Real Estate Partners. “This submarket in particular benefits from a diversified and growing population and economy, with limited new supply and high barriers to entry, which places it squarely within our wheelhouse. Thanks to the Berkadia team, we have a capital partner whose vision aligns with ours. We’re also grateful to long-term design partners, Heffner Architects P.C. and civil engineering firm Timmons Group, for their role in this project.”
GW Builders, a wholly-owned subsidiary of GW Real Estate Partners, is the general contractor.
Montage at Marquis Apartments is expected to be completed in the spring of 2024.