Berkadia Completes the Sale of Forest Lake at Oyster Point in Newport News, Virginia

Newport News, Virginia – December 19, 2024 – Berkadia announced today the sale of Forest Lake at Oyster Point , a 296-unit Class B+ multifamily property situated in the rapidly growing and continually evolving Newport News area, a hub of dynamic development and opportunity. Berkadia Senior Managing Director Drew White of Berkadia DC Metro , Managing Director Carter Wood of Berkadia Norfolk , and Director Cole Carns of Berkadia Richmond represented the seller, Nebraska-based Haley Residential . The deal, which closed on December 6, was acquired by Richmond-based, Levco Management .

“Forest Lake was a great outcome for both the buyer and the seller,” said Wood. “The Levco team has successfully added a valuable asset to their expanding portfolio, thanks to the expert management of Haley Residential. The Newport News market continues to demonstrate its strength for apartment owners, with an even brighter outlook following the anticipated arrival of several thousand new jobs in the near future. We’re eager to see the next chapter for Forest Lake.”

Located at 307 Saint Thomas Drive in Newport News, the property is strategically located along Jefferson Avenue – minutes away from Jefferson Lab, and Riverside Regional Medical Center. Forest Lake at Oyster Point is 1.4 miles from the City Center at Oyster Point business district, a 52-acre, mixed-use development comprised of Class A office and expansive retail and restaurants.

Residents of this 296-unit complex enjoy an array of premium amenities, including access to two sparkling swimming pools, well-maintained tennis courts, and a fully equipped fitness center designed to enhance their lifestyle. Originally built in 1986, Forest Lake at Oyster Point was renovated between 2008-2013.