Mariner’s Cove Apartments, a 458-unit multifamily garden-style property in Virginia Beach, Virginia, has changed hands in a $52.2m deal. The new owner, Seminole Trail Properties, bought the asset from BDMG Inc. Built in 1969, the property features one-, two- and three-bedroom units along with three-bedroom townhomes in 61 buildings. Amenities include a fitness center, a business center, two swimming pools, a clubhouse and a playground. Seventy-five percent of the units were leased at the time of the sale. Berkadia facilitated the transaction
“Mariner’s Cove stands as a dynamic value-add play for the new ownership, and with a location near Virginia Beach Town Center, the asset has a terrific upside. The buyer has already commenced renovations, and Mariner’s Cove will be significantly transformed in the next 12 months,” said Alan Meetze, a senior director at Berkadia.
