Villa Terrace

2804 Waverly Way ​ | ​ Norfolk, VA 23504

82 Units

850 Avg Sq Ft

Built 1970

The Opportunity

Villa Terrace Apartments is an 82-unit affordable housing community located in Norfolk, VA. The property is nestled between popular parks and the Lafayette River and located minutes away from shopping, dining, healthcare facilities, and entertainment options.

The property was built in 1970 and rehabbed and placed in service in 2002 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 50% of Area Median Income (AMI) limits, which are provided by the Virginia Housing Development Authority. The property is beyond the initial tax credit compliance period.

Community Amenities

  • On-Site Laundry Facility
  • On-Site Management
  • Located Near Public Transit
  • 24- Hour Emergency Maintenance
  • Well- Manicured Grounds & Landscape

Unit Amenities

  • Spacious ​ Two Bedroom Apartments
  • Energy Efficient Appliances

Contact Us

Email Us


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BErkadia Team

Investment Advisors

Trevor Madden


Johnathan Smith

Senior Managing Director- Affordable Housing

Carter Wood


Drew White

Senior Managing Director- Investment Sales

2804 Waverly Way | Norfolk, VA 23504

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Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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