Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

HAMPTON, VA-Boston’s Berkshire Income Realty Inc. has acquired the Lake Ridge Apartments in a deal valued at nearly $34.4 million. In exchange for the fee simple interest in the 282-unit multifamily community, Berkshire turned over the funds in an all-cash transaction to previous owner Lake Ridge Apartments LLC. The money was held in escrow until a section 1031 tax deferred exchange closed.

Situated on a 15-acre parcel at 900 Lake Ridge Rd. off Interstate 64 and near the Kiln Creek Golf Course, Lake Ridge is at the gateway to the Hampton Roads submarket. The apartment community, developed in 2004, consists of a series of three-story structures and also features a fitness center, swimming pool, business center and clubhouse. According to City of Hampton records, the property has a current assessed value of about $25.3 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.