38 — July 2026 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers White, Wood, Straughan & Carns led the transaction on behalf of the seller, Franklin Group Berkadia arranges $52.5m sale of 176-unit class A multifamily community in Poquoson, Virginia
OQUOSON, VA — Berkadia , a distin- guished leader in the commercial real estate sec- tor, announced that it ar- ranged the $52.5 million sale of The Flats at Legacy, a 176- unit class A multifamily com- munity located in Poquoson, in the Hampton Roads region of Virginia. Senior managing director Drew White , managing di- rector Carter Wood , senior director Matt Straughan , and director Cole Carns of Berkadia Richmond led the transaction on behalf of the P
term rent growth potential.” “The property’s perfor - mance following stabilization demonstrated meaningful pricing power, with new lease rates consistently out- performing in-place rents.” added Wood. “Combined with the community’s luxury fin - ishes, market-leading ame- nity package, and irreplace- able location fundamentals, The Flats at Legacy was exceptionally well-positioned to attract investor interest.” Completed in 2024, The Flats at Legacy is located on 24 acres at 200 Big Woods Drive and is the only purpose- built class A multifamily community in Poquoson. The property comprises 176 gar- den-style apartment homes across four-story residential buildings with an average unit size of 1,065 s/f. Floor - plans include one-, two-, and three-bedroom residences featuring spacious layouts and top-of-market finishes, including stainless steel ap- pliances, granite counter- tops, luxury plank flooring, oversized walk-in closets, full-size washers and dryers, private balconies or patios, and contemporary cabinetry and lighting packages. Community amenities in - clude a resort-style saltwater swimming pool with sundeck and cabanas, outdoor grilling stations and covered pergola, modern clubhouse with enter- tainment lounge and catering kitchen, state-of-the-art fit- ness center, co-working and internet café spaces, and elec- tric vehicle charging stations. Poquoson is widely rec - ognized as one of Virginia’s most desirable residential communities, supported by top-performing public schools, high household in- comes, and limited future multifamily development opportunities due to limited zoned land and natural geo- graphic barriers. The property is near many of the region’s largest em - ployment hubs, including NASA Langley Research Center, Langley Air Force Base, Jefferson Lab, Newport News Shipbuilding, Riverside Regional Medical Center, and Oyster Point’s technology and office corridor, Newport News/Williamsburg Interna- tional Airport, Interstate 64, and the broader Hampton Roads region. MAREJ
seller, Franklin Group of Virginia Beach . Utah-based Ceifa Capital acquired the property in a transaction that closed on May 29, 2026. “The Flats at Legacy repre - sented a rare opportunity to acquire a newly delivered, in- stitutional-quality asset in one of the most supply-constrained and affluent submarkets in Coastal Virginia,” said White. “Poquoson’s limited multifam - ily inventory, top-ranked public schools, and proximity to major aerospace, defense, and health- care employers continue to drive strong renter demand and long-
The Flats at Legacy
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