Multifamily - Sale

NorthMarq’s Richmond office arranged the $167 million sale of the Waverton Virginia Portfolio

RICHMOND, VIRGINIA (January 20, 2021) – NorthMarq’s Richmond office investment sales team of Mike Marshall, Wink Ewing, Managing Directors and Ryan Rilee, Associate Vice President arranged the $167 million sale of the Waverton Virginia Portfolio. The four-property portfolio is located in the Richmond and Hampton Roads markets of Virginia and contains a total of 1,063 units. NorthMarq represented the seller, Waverton Associates, Inc., a Portsmouth Virginia based developer as well as the buyer, a large regional investor with a substantial presence in the Virginia markets. 

Properties include
– Meridian Watermark – 300 units located at 6500 Caymus Way, Richmond, Virginia  
– Impressions I, II, & III – 414 units located at 501 Coral Key Place, Newport News, Virginia  
– Denbigh Village – 244 units located at 14332 Deloice Crescent, Newport News, Virginia  
– Marina Villa – 105 units located at 8150 Shore Drive, Norfolk, Virginia  

The Richmond-Hampton Roads multifamily market continued to post healthy performance throughout 2020, with robust renter demand driving significant year-over-year rent growth.  Investor demand also remained strong, with asset pricing slightly higher than 2019 levels.  Toward the end of 2020 several large transactions closed in Richmond and Hampton Roads with cap rates dipping to five percent or lower. Apartment construction over the past 12 months also ran ahead of 2019’s pace, exhibiting continued confidence among developers and lenders in the market’s ability to absorb new units. Looking forward, the Richmond-Hampton Roads market is forecast to remain strong, with occupancy and rent growth trends posting steadier performance than more expensive neighboring markets.

Marshall negotiated the deal with NorthMarq colleagues Wink Ewing, Ryan Rilee and Keith Wells. Marshall, Ewing and Rilee joined NorthMarq last year. They handle investment sales for NorthMarq’s Richmond office, which Wells opened with Mike Lowry and Vicki Watson in 2013. The Richmond debt team is also comprised of Hunter Wood, Reina Abboud and Dawn Seliga. 

Wells has been working with Waverton since 1995. He had previously arranged development financing for each of these properties with VHDA. He also refinanced three of the properties in 2020. 

“This was an off-market transaction that was a collaboration between the investment sales and debt teams of NorthMarq, representing a long-term client, Waverton Associates,” said Marshall. “The properties were financed through VHDA and involved the assumption of existing debt.    This transaction was originated in September and completed by December of 2020, including the assumption of the debt, which was indicative of the pace and demand for apartment properties in the Virginia market.”

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $16 billion, loan servicing portfolio of more than $65 billion and the multi-year tenure of our nearly 600 people.