Berkadia announces it has arranged the sale of Northshore Meadows, a 291-unit multifamily community in Houston. Senior Managing Director Ryan Epstein, Director Jennifer Ray and Associate Director Scott Bray of Berkadia’s Houston office represented the seller and the buyer, Claridge Properties.

“Texas metros remain highly appealing to businesses and investors looking to move operations or capital in a state that illustrates consistent multifamily fundamentals,” said Epstein. “The recent drop in Texas unemployment claims coupled with the affordable cost of living and availability of labor will continue to make the state, and Houston in particular, a favorite market for any investment portfolio.”

Built in 1971, Northshore Meadows is located at 333 Uvalde Road and offers one-, two-, three- and four-bedroom floorplans ranging in size from 414 to 1199 square feet. Units feature walk-in closets, stainless steel appliances and dishwasher. Community amenities include a business center, clubhouse, fitness center, playground and laundry facilities.

Situated in northeast Houston, the community is found near several transit routes offering direct access throughout Greater Houston. Crosby Freeway, East Sam Houston Parkway and Interstate 10 are less than 10 minutes away, bringing residents within a 20-minute drive of Downtown Houston and some of the city’s largest employers and amenities.

Berkadia announces it has arranged the sale of The Blake, a 281-unit, Class AA apartment community built in 2019 in the prestigious Winter Springs submarket of Orlando, Fla. Managing Directors Matt Wilcox and Brett Moss, Senior Managing Director Cole Whitaker, and Associate Tyler Swidler marketed the property on behalf of the seller, Catalyst Development Partners & HQ Capital. Preferred Apartment Communities (NYSE: APTS) acquired the property.

“The Blake is ideally situated inside Winter Springs Town Center, an institutionally owned mixed-used community anchored by a Publix and a variety of restaurants, bars and other services,” said Moss. “Accordingly, it offers residents the rare and highly desirable benefit of suburban walkability.”

Added Wilcox, “In addition, the majority of the property’s affluent residents are employed in low job-loss-exposure or COVID-resistant industries like professional  services and STEM, ensuring a long-term stable resident base. Further build out of Winter Springs Town Center and adjacent outparcels will only fortify the property’s long-term appeal.”

Located at 151 Michael Blake Boulevard, The Blake offers one-, two- and three-bedroom floor plans ranging from 698 square feet up to 1,374 square feet. Individual apartments feature open floor plans with nine-foot ceilings; gourmet kitchens with granite countertops, table-sized kitchen islands, and stainless steel appliances; wood-inspired flooring in living areas and plush carpet in bedrooms; balcony or patio in most units; grand walk-in closets; and a washer/dryer. Community amenities include a luxurious resort-style swimming pool, with semi-private cabanas and an outdoor fire pit; 24-hour fitness club; grand clubroom with billiards and gaming; business center, conference room and co-working spaces; dog groom spa; and immediate access to the paved 27-mile Cross Seminole Trail, which connects to 52 miles of other paved trails. The property is also within walking distance of the 103-acre Central Winds Park.

The Blake is located less than 25 miles northeast of Downtown Orlando, and enjoys immediate access to State Road 417 (Orlando’s Eastern Beltway), providing excellent connectivity to the metro area’s major employment hubs.

Berkadia announces it has arranged the $23 million sale of River Gardens, a 218-unit multifamily community in Tampa. Managing Director Jason Stanton of Berkadia’s Tampa office and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office secured the sale on behalf of KCB Real Estate Management LLC and Main Street Residential is the buyer.

“Tampa’s status as one of the country’s fastest-growing cities in the nation with a diverse mix of business sectors exemplifies the area’s favorable dynamics that support forward-thinking multifamily investment,” said Stanton. “Downtown Tampa’s benefit of receiving a projected $13 billion in investment over the next couple of years means greater opportunity for the nearby residents of River Gardens, offering a variety of entertainment and employment options to enjoy.”

Built in 1965, River Gardens is located at 4009 North Howard Avenue. Studios, one-, two- and three-bedroom units. Community amenities feature river views, private boat docks, three swimming pools, fitness center, resident clubhouse and bark park.

Situated on the Hillsborough River, the community is near multiple employers in the Westshore Business District and Downtown Tampa and transit routes with Interstate 275 just under five minutes from the property, offering direct access into Downtown Tampa, Tampa International Airport and St. Petersburg.

Laredo, Tex. (July 21, 2020) – Berkadia announces it has arranged the sale and financing of Lago del Mar Apartments, a 260-unit garden-style apartment community located in Laredo, Texas. Senior Managing Director Ryan Epstein of Berkadia’s Houston office, along with Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office, represented the seller, a Chicago-based real estate investment management firm. 

Senior Managing Director Cutt Ableson of Berkadia’s Houston office procured financing for the buyer, Haley Real Estate Group, through Fannie Mae.

“Lago del Mar is a vintage apartment complex in an excellent location that was primed for a value-add execution,” said Epstein. “Located in the economic epicenter of the Rio Grande Valley, the city of Laredo continues to benefit from economic drivers including steady growth in shale oil and gas production, infrastructure construction, and growth in logistics and warehousing, all of which brings more business to town each year.”

Added Miller, “In addition, the property benefited from limited competition, with no comparable multifamily properties currently in lease-up, under construction or proposed within five miles.”

Built in 2000/2003 and located at 7550 Country Club Drive, Lago del Mar Apartments offers a range of one-, two- , and three-bedroom floor plans averaging 776 square feet. Units feature walk-in closets, nine-foot ceilings, patios or balconies, and a full-sized washer/dryer. Community amenities include a resort-style swimming pool, clubhouse, fitness center, dog park, playground and controlled-access gate. The property is ideally located within seven miles of downtown Laredo, two miles of Texas A&M University, and just four miles from Laredo International Airport.

Raleigh, N.C. (June 26, 2020) - Berkadia announces it has secured two loans totaling $11,765,000 million for the acquisition of two value-add self-storage assets located in Raleigh and Durham, North Carolina. Managing Directors Michael Weinberg and Rebecca Van Reken from Berkadia’s Orlando office, along with Managing Director Saul Hoppenstein of Berkadia’s Boca Raton office, secured the financing on behalf of Liberty Investment Properties, a privately held real estate investment, development, and management firm based in Orlando, Florida.

A life company provided both five-year, fixed-rate loans, at a 65 percent loan to cost. These assets will go into Liberty’s new $20 million opportunistic storage equity fund, which pursues value-add self-storage facilities throughout the southeastern United States. Liberty plans to rebrand both assets under their My Neighborhood Storage Center platform. With over 30 years of institutional investment and operations in the storage industry, Liberty is poised for the opportunity to expand its portfolio holdings. 

“The sponsor has a proven track record in the self-storage facility space and will be able to improve both properties’ performance through a mix of traditional and hands-on guerilla marketing,” said Weinberg.

“We are thankful for the longstanding relationship with Berkadia to successfully execute attractive financing for these transactions during the challenging times facing our economy,” said Adam Mikkelson, President of Liberty Investment Properties.

Built in 2016, the Raleigh Self Storage facility is located at 6401 Town Center Drive in Raleigh, and is a two-story, 72,614-square-foot climate-controlled building with 685 units. The property is strategically located along the interchange of US-1 and Interstate 540, making the facility easily accessible to a population of approximately 81,000 within a 3-mile radius. 

Built in 2017, the Durham Self Storage property is located at 112 West Seminary Avenue in Durham. It is a 58,729-square-foot, four-story climate-controlled property with 645 units. 

Berkadia announces it has arranged the sale of Villas de Santa Fe, a 208-unit multifamily community in San Antonio. Berkadia Managing Director Mike Miller, Senior Director Will Caruth, Director Chris Ross and Associate Director Cody Courtney arranged the sale on behalf of Comunidad Realty Partners, a real estate investment firm based in San Diego, California with an office in Austin, Texas.

“Villas de Santa Fe presented a fully stabilized value-add opportunity with considerable upside potential in one of San Antonio’s premier locations,” said Miller. “After seeing a 4.5 percent rental increase over 2018 in the Medical Center submarket, the asset is poised for significant income growth in a multifamily market that shows continued population and job growth.”

Built in 1982, Villas de Santa Fe is located at 3601 Magic Drive. One- and two-bedroom units include tile floorings, window coverings, pantry, solar screens and washer/dryer connections. Community amenities include a clubhouse, swimming pool, fitness center, picnic area, two clothes-care facilities and a sports court.

Situated in northwest San Antonio’s Medical Center, Villas de Santa Fe is strategically located near large-scale employers, retailers and destinations. USAA headquarters, UT Health San Antonio and South Texas Medical Center are about three miles away from the property, supporting over 75,000 jobs in total. Interstate 410 is less than five minutes away, offering direct access to downtown San Antonio and the greater metropolitan area.