Berkdale Apartments

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Berkdale Apartments (“the Property”), a 1972 vintage, 184-unit property located in Herndon, Virginia. Berkdale Apartments, which maintains 99% mission-driven rents, offers compelling business plan optionality and provides the opportunity to capitalize on a comprehensive renovation plan across 100% of the unit mix. In addition, there is an inherent mark-to-market story given 100% of the units are self-restricted by current ownership. The investment is bolstered by the Property’s continued strong performance with 4.10% lease trade-out growth (last 50 leases), 97% occupancy and minimal bad debt. Northern Virginia fundamentals continue to outperform, and strong third party rent growth projections (3.4% through 2029) support the continued rental growth story. Additionally, Herndon boasts area-leading demographics including $170K average household incomes (15% rent to income ratio) and $700K average home values within a one-mile radius.