Norfolk New Construction & Proposed Multifamily Projects
1Q21
Source: Yardi Matrix 5 mi 10 20 22 36 37 38 39 40 41 3 6 4 5
Lease-Up Under Construction Planned Prospective LEGEND
ID PROPERTY UNITS
3 Ellipse Urban 283
4 The Apartments at Kelton Station 204
5 Current Midtown 240
6 Monroe Gates 162
Total Lease Up 889
10 High Street View Phase II 233
Total Under Construction 233 20 Marshall - Ridley Choice Neighborhood 487
22 1915 Pocahontas Trail 150 Total Planned 637 36 King Street 215 37 Legacy of Poquoson 319 38 4101 Battery Blvd 130 39 Governors Inn 162
40 Mooretown Road & Bulifants Blvd 130 41 The Crossing at York River 109
Norfolk New Construction & Proposed Multifamily Projects
1Q21
Source: Yardi Matrix 1 mi 8 11 12 13 14 15 16 21 23 1 7 24 25 26 27 29 30 42
Lease-Up Under Construction Planned Prospective LEGEND
ID PROPERTY UNITS
1 Village Square Apartments at East Beach 127 7 The Rockefeller Phase II 60
Total Lease Up 187
8 Lofts at Front Street 258 11 Midtown at Town Center Phase II 219
Total Under Construction 477
12 Newport Manor 55
13 1500 Monticello 258
14 Gravity 400 273
15 Oasis Marina & Yacht Club 148
16 Boulevard 45 160
21 The Boulevard at Thalia 261
Total Planned 1,155
23 Fusion @ NEON 233
24 MacArthur Center 175
25 Tarrants Bay 482
26 Cogic High Rise 120
27 East Beach Living 92
29 The Arbors at Birchwood 150 30 Ridgewood Club Redevelopment 300 42 Thalia & Virginia Beach 261
Norfolk New Construction & Proposed Multifamily Projects
1Q21
Source: Yardi Matrix 5 mi 9 17 18 19 28 32 33 34 35 31 2
Lease-Up Under Construction Planned Prospective LEGEND
ID PROPERTY UNITS
2 27 Atlantic 234
Total Lease Up 234
9 Point at Harbour View 400
Total Under Construction 400
17 Cardinal Meadows 181
18 The Grove at Western Branch 200
19 Hallstead Reserve 414
Total Planned 795
28 925 South Military Highway 220
31 Spence Crossing 224
32 Lexington Place 144
33 Arbour Reach Phase II 50
34 Fernwood Chase 153
35 Route 460 250
Norfolk New Construction & Proposed Multifamily Projects
Sour ce: Y ar di Matr ixID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMITDATE FORECASTED COMPLETION
DATE
START OF RENT-UP
1 Village Square Apartments at East Beach 4401 Pleasant Avenue Norfolk VA 23518 Lease-Up 127 Norfolk - East Beach 12/01/2020 12/31/2021 04/01/2021 2 27 Atlantic 2613 Atlantic Avenue Virginia Beach VA 23451 Lease-Up 234 Virginia Beach - Northeast 12/02/2019 09/30/2021 11/16/2020
3 Ellipse Urban 2001 Commerce Drive Hampton VA 23666 Lease-Up 283 Hampton - South 06/01/2020 08/31/2021 02/03/2021
4 The Apartments at Kelton Station 901 Shipwright Loop Williamsburg VA 23188 Lease-Up 204 Williamsburg - North 01/06/2020 08/31/2021 01/23/2021 5 Current Midtown 221 Monticello Avenue Williamsburg VA 23185 Lease-Up 240 Williamsburg - North 11/18/2019 08/31/2021 08/29/2020
6 Monroe Gates 200 South Mallory Street Hampton VA 23663 Lease-Up 162 Hampton - South 10/01/2019 05/31/2021 10/01/2020
7 The Rockefeller Phase II 130 Brooke Avenue Norfolk VA 23510 Lease-Up 60 Norfolk - Central West 08/01/2017 05/31/2021 01/31/2018
Total Lease-Up
1,310
8 Lofts at Front Street 533 Front Street Norfolk VA 23510 Under Construction 258 Norfolk - Central West 05/01/2020 12/31/2022 9 Point at Harbour View Armstead Road & College Drive Suffolk VA 23435 Under Construction 400 Suffolk - North 04/10/2021 12/31/2022 10 High Street View Phase II 101 Kings Manor Drive Williamsburg VA 23185 Under Construction 233 Williamsburg - North 05/11/2020 04/30/2022
11 Midtown at Town Center Phase II 4432 Bonney Road Virginia Beach VA 23462 Under Construction 219 Virginia Beach - Town Center 09/01/2020 12/31/2021
Total Under Construction
1,110
12 Newport Manor 602 West 36th Street Norfolk VA 23508 Planned 55 Norfolk - Lafayette River
13 1500 Monticello 1500 Monticello Avenue Norfolk VA 23510 Planned 258 Norfolk - Central West
14 Gravity 400 400 Waterside Drive Norfolk VA 23510 Planned 273 Norfolk - Central West
15 Oasis Marina & Yacht Club 4521 Pretty Lake Avenue Norfolk VA 23518 Planned 148 Norfolk - East Beach
16 Boulevard 45 4545 South Blvd Virginia Beach VA 23452 Planned 160 Virginia Beach - Town Center
17 Cardinal Meadows 788 Shillelagh Road Chesapeake VA 23323 Planned 181 Chesapeake - South
18 The Grove at Western Branch Jolliff Road & Portsmouth Blvd Chesapeake VA 23321 Planned 200 Chesapeake - Northwest
19 Hallstead Reserve 2575 Pruden Blvd Suffolk VA 23434 Planned 414 Suffolk - Central
20 Marshall - Ridley Choice Neighborhood 29th Street & Jefferson Avenue Newport News VA 23607 Planned 487 Newport News - Far South 21 The Boulevard at Thalia 1200 Virginia Beach Blvd Virginia Beach VA 23454 Planned 261 Virginia Beach - Town Center 22 1915 Pocahontas Trail 1915 Pocahontas Trail Williamsburg VA 23185 Planned 150 Williamsburg - South
Total Planned
2,587
23 Fusion @ NEON 225 West Olney Road Norfolk VA 23510 Prospective 233 Norfolk - Central West
24 MacArthur Center East Freemason Street & Monticello Avenue Norfolk VA 23510 Prospective 175 Norfolk - Central West
25 Tarrants Bay 151 Riverview Avenue Norfolk VA 23510 Prospective 482 Norfolk - Central West
26 Cogic High Rise 2412 East Virginia Beach Blvd Norfolk VA 23504 Prospective 120 Norfolk - Central East
27 East Beach Living 7950 Shore Drive Norfolk VA 23518 Prospective 92 Norfolk - East Beach
28 925 South Military Highway 925 South Military Hwy Virginia Beach VA 23464 Prospective 220 Virginia Beach - West
29 The Arbors at Birchwood 3808 Virginia Beach Blvd Virginia Beach VA 23452 Prospective 150 Virginia Beach - Town Center 30 Ridgewood Club Redevelopment 4594 Wicklow Place Virginia Beach VA 23452 Prospective 300 Virginia Beach - Town Center
31 Spence Crossing South Independence Blvd & Princess Anne Road Virginia Beach VA 23456 Prospective 224 Virginia Beach - Central 32 Lexington Place Deep Creek Blvd & Frederick Blvd Portsmouth VA 23704 Prospective 144 Portsmouth - Central
Norfolk New Construction & Proposed Multifamily Projects
Sour ce: Y ar di Matr ixID PROPERTY NAME ADDRESS CITY STATE ZIP STATUS UNITS SUBMARKET PERMITDATE FORECASTED COMPLETION
DATE
START OF RENT-UP
33 Arbour Reach Phase II 3624 Tejo Lane Portsmouth VA 23703 Prospective 50 Portsmouth - North 34 Fernwood Chase Fernwood Farms Road & Great Bridge Blvd Chesapeake VA 23320 Prospective 153 Chesapeake - Central
35 Route 460 13464 Windsor Blvd Windsor VA 23487 Prospective 250 Suffolk - Central
36 King Street 102 South King Street Hampton VA 23669 Prospective 215 Hampton - South
37 Legacy of Poquoson Victory Blvd & Wythe Creek Road Poquoson VA 23662 Prospective 319 Yorktown
38 4101 Battery Blvd 4101 Battery Blvd Williamsburg VA 23185 Prospective 130 Williamsburg - South 39 Governors Inn 506 North Henry Street Williamsburg VA 23185 Prospective 162 Williamsburg - North 40 Mooretown Road & Bulifants Blvd Bulifants Blvd & Mooretown Road Williamsburg VA 23188 Prospective 130 Williamsburg - North
41 The Crossing at York River George Washington Memorial Hwy & Tidemill Road Gloucester Point VA 23072 Prospective 109 Gloucester
42 Thalia & Virginia Beach 4216 Virginia Beach Blvd Virginia Beach VA 23452 Prospective 261 Virginia Beach - Town Center
Total Prospective
3,919
TOTAL NORFOLK
8,926
© 2021 Berkadia Real Estate Advisors LLC. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890.
Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx. The information and details contained within this report have been obtained from a third-party and believed to be accurate; however, Berkadia has not independently verified its accuracy. Date of survey: March 2021