Property Acquisitions and Dispositions

Katy, Texas - Berkadia announces it has secured $22.264 million in acquisition financing for Echo at Katy Ranch, a 260-unit garden-style Class A asset located in Katy. Senior Managing Director Tucker Knight and Director Nicholas Murphy of Berkadia’s Houston office arranged the loan on behalf of Olympus Property, a Fort Worth based full service multifamily investment and property management organization who owns and operates 17,000 units across 10 states.

TAMPA, FL (December 20, 2018) — Franklin Street has completed the sale of The Avenue Apartments in the Temple Terrace submarket of Tampa, for $23.3 million. The 216-unit multifamily property is located at 9101 Avenue Clue Drive in Hillsborough County. The Avenue Apartments, LLC, a partnership led by a private local investor with Canadian equity partners, acquired the property from locally-based Bayside Ventures V, LLC. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. Franklin Street’s Lonnie Kitchen provided insurance services for the asset.

Thorofare Capital has provided a $15 million floating-rate first mortgage to Highpoint Property Group (Highpoint) to acquire, renovate and stabilize a mixed-use multifamily property in Brooklyn, NY.

TruAmerica Multifamily, in joint venture with an institutional capital partner, has acquired a two-property, 472-unit apartment portfolio in Tempe, AZ for $67.3 million increasing its local portfolio to more than 2,400 units. 

Charlotte, N.C. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Madison Square at Northlake, a 287-unit garden-style asset in Charlotte, North Carolina. Located in the Wedgewood neighborhood about 15 minutes north of downtown Charlotte, the Class A asset marks the firm’s seventh acquisition in the area. Madison Square at Northlake was 97 percent occupied at the time of acquisition.

Dallas, Texas - American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired Emery Bay at Lakepointe, a 360-unit garden-style asset located in Lewisville, Texas, approximately 30 minutes north of Dallas. The company will conduct a $3.5 million renovation on the property.

Berkadia secured financing for the acquisition of Emery Bay at Lakepointe, a 360-unit, garden-style apartment community located in Lewisville, Texas, approximately 30 minutes north of Dallas. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office, along with Senior Managing Director Robert Falese and Managing Director Matthew Cullison of Berkadia’s Philadelphia office, secured the loan on behalf of the borrower, American Landmark Apartments.

Holliday Fenoglio Fowler, L.P. (HFF) announces the capitalization for the acquisition and renovation of Stone Ridge Apartments and Bristol Ridge Apartments, two apartment properties totaling 363 units in Nashville, Tennessee.

Berkadia has arranged the $48.5 million sale and $35.8 million financing of Viera of the Palm Beaches, a 300-unit multifamily asset located in West Palm Beach. Senior Director Tal Frydman, Director Yoav Yuhjtman, and Associate Director Nicholas Perrone of Berkadia’s South Florida office represented the seller, a joint venture between investment firms Angelo Gordon and McDowell Properties, and the buyer, an affiliate of Axonic Properties, LLC. The same Berkadia investment sales team also brokered the sale of Viera of Palm Beaches previously, in 2016.

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