Seminole Trail Properties, based in Virginia, recently purchased Carson Square – a garden-style multifamily property located at 1587 Briarfield Road in Hampton. The 292-unit property features renovated one-, two-, and three-bedroom apartment homes and was sold for $31 million to New Jersey’s Carson Square Assoc on May 30.
David Hudgins, Senior Director of Berkadia Norfolk handled the transaction on behalf of Seminole Trail Properties. According to Hudgins: “The Hampton Roads market for workforce housing remains strong despite this interest rate hike cycle.” He further explained that while Class A & B cap rates have been increasing, pricing for workforce housing has remained relatively consistent due to its cost basis rather than actual cap rate.
