Virginia Beach apartments sell for $52.1 million

Published June 14, 2018 by Paula C. Squires

Charlottesville-based Seminole Trail Properties has purchased the 458-unit Mariner’s Cove Apartments in Virginia Beach for $52.1 million.

According to Berkadia, which announced the sale Thursday, the transaction closed on May 31.

Berkadia Senior Directors Alan Meetze and David Hudgins of the company’s Newport News office completed the sale on behalf of the seller, BDMG Inc., based in Maryland.

“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,” Meetze said in a statement. “The buyer has already commenced renovations, and Mariner’s Cove will be significantly transformed in the next 12 months.”

Located at 832 Blackfriars Drive, the property offers one-, two- and three-bedroom apartments and three-bedroom townhomes.