Berkadia has arranged the sale and financing of Abbington Crossing, a 468-unit apartment community located in Charlottesville, Virginia. Senior Managing Director Drew White, Senior Director Carter Wood and Director Cole Carns of Berkadia DC Metro, Norfolk, and Richmond, respectively, represented the seller, Weinstein Properties.
Senior Managing Director Mitch Sinberg, Managing Directors Brad Williamson, Scott Wadler and Mathew Robbins, and Vice President of Originations Hugo Hernandez of Berkadia South Florida secured acquisition financing on behalf of the buyers, a joint venture between an undisclosed buyer and Charger Ventures, a multifamily investment management company based in Bethesda, Maryland.
“Abbington Crossing's prime location and array of desirable amenities make it a standout community. We are confident that this acquisition will prove to be a lucrative investment,” said Robbins. “We are thrilled to have facilitated the financing of Abbington Crossing.”
“We are delighted to have represented Weinstein Properties in the largest conventional apartment sale in Charlottesville’s history. The market is performing really well and the amount of equity pursuing as an acquisition target is impressive,” added White.
Located at 1000 Old Brook Road, Abbington Crossing offers one, two, and three-bedroom garden-style apartments and townhomes ranging from 748 square feet to 1,155 square feet. Individual units feature black or stainless-steel appliances, wood floors or carpet, large closets, central air conditioning, and private patio or balconies. Community amenities feature a cardio and strength training center, a business center with computers, a 24-hour clubhouse with coffee and Wi-Fi, a resort-style pool with a sundeck, a playground, dog park, and on-site maintenance and management.
Abbington Crossing is located in Charlottesville, close to the University of Virginia and the Charlottesville-Albemarle airport, The Jefferson Theater, the Paramount Theater, Shenandoah National Park, Rivanna River, and historic Charlottesville downtown mall.