CCM Acquires Ivy Gates Townhome Community From Greencove Group for $17.7M

Why It Matters

The acquisition adds a sizable, high‑demand rental asset to CCM’s portfolio, illustrating institutional confidence in Virginia’s multifamily market. It also signals that off‑market opportunities can command premium valuations in secondary metros.

Key Takeaways

• Ivy Gates sold for $17.7 million to CCM investment firm
• Townhome community offers large two‑ and three‑bedroom floor plans
• Proximity to I‑95, I‑85, US‑460, and US‑301 boosts accessibility
• Berkadia’s off‑market deal highlights demand for secondary‑market multifamily assets

Pulse Analysis

Berkadia’s facilitation of the $17.7 million Ivy Gates sale highlights the firm’s deep brokerage expertise in secondary‑market multifamily transactions. While major coastal cities continue to dominate headline numbers, investors are increasingly turning to markets like Petersburg, Virginia, where supply constraints are less severe and yields are more attractive. The townhome community’s off‑market status allowed the seller, Greencove Group, to negotiate a premium price without the pressure of a public listing, a strategy that aligns with the current appetite for discreet, high‑quality assets.

Ivy Gates’ location offers strategic connectivity: it sits within a half‑hour of Richmond and is bordered by Interstates 95 and 85, as well as U.S. Routes 460 and 301. These corridors funnel commuters and support a diverse employment base, reinforcing the property’s renter appeal. Moreover, the community’s two‑ and three‑bedroom tri‑level layouts are among the largest in the submarket, catering to families and higher‑income tenants seeking space—a factor that can command higher rents and lower vacancy risk in a tightening rental market.

For investors, the acquisition by CCM and subsequent management by SYM Properties illustrates a broader trend of institutional capital targeting well‑positioned, value‑add multifamily assets outside primary metros. The deal provides CCM with a stable cash‑flow platform and potential upside through operational efficiencies under SYM’s stewardship. As capital continues to flow into secondary markets, transactions like Ivy Gates serve as bellwethers for future activity, signaling that well‑located, off‑market townhome communities can deliver compelling risk‑adjusted returns.

Deal Summary

Berkadia arranged the $17.7 million sale of Ivy Gates, a multifamily townhome community in Petersburg, Virginia. The property was sold by Greencove Group of New Jersey to CCM, an investment company in Sterling, Virginia. SYM Properties will manage the community.