Berkadia announced today the addition of a new investment sales team to its Houston office, bringing on board Senior Managing Directors Chris Curry and Todd Marix, and Senior Directors Joey Rippel and Chris Young. The team is an established regional leader in multifamily sales. They will work closely with Berkadia’s Houston mortgage banking team, led by Senior Managing Director Tucker Knight, and will report to Co-Head of Investment Sales Keith Misner.

“Chris, Todd, Joey and Chris are among the best in the business when it comes to providing stellar client service and executing sales, and their track record proves it,” said Misner. “With sales activity picking up dramatically in 4Q20 into the start of 2021, and Texas emerging as a multifamily hotspot for investors from across the spectrum, we’re excited to have this team on board to bring our clients the expertise, experience and insight that is essential to capitalizing on opportunities in the coming months and years.”

Berkadia had a record-breaking month for investment sales activity in December 2020, closing nearly $2 billion in sales, consistent with an overall industry spike. Increased activity across the industry in December powered the fourth quarter to a total of $42.3 billion in investment sales, a 63 percent increase from the third quarter, according to RCA.

“Houston and the surrounding markets remain resilient and dynamic, and as we look ahead to 2021 and beyond, we are optimistic about what that means for the multifamily sector,” said Curry. “We want to bring the best suite of resources and support to our clients, and now as a part of Berkadia’s robust investment sales platform, we’re confident that we can bring best-in-class services and solutions to our clients to help them achieve their long-term goals.”

The team joins Berkadia from JLL, where they were among the company’s top performing investment sales groups nationally. They work with a diverse client base, including institutions, private capital, developers, special servicers and government institutions, across all multifamily asset classes.

“Our goal in the Houston office, and across Berkadia, is always to be providing our clients the best opportunities, backed by the best resources and talent in the industry,” said Knight. “Chris, Todd, Joey and Chris are deeply trusted by investors and respected by their peers for their experience and collaborative approach. They are a tremendous addition to our Houston team.”

Berkadia continues to aggressively add talent and resources to its platform, most recently with the acquisition of the apartment brokerage arm of Moran & Company, bringing on the entire 31-member Moran team, including 15 dedicated institutional sales advisors, to launch Berkadia Institutional Solutions, powered by Moran.

SAN ANTONIO – Berkadia announces it has arranged the sale of Echelon at Monterrey Vista, a 240-unit Class A multifamily community in San Antonio. Managing Director Mike Miller, Senior Director Will Caruth and Director Cody Courtney of Berkadia’s San Antonio office secured the sale on behalf of the seller, The Garrett Companies, a real estate development firm based in Greenwood, Indiana. A private Texas investor acquired the property.

“The buyer recognized the long-term value of acquiring a luxury Class A deal in San Antonio, where market fundamentals remain strong with all signs pointing to future job, wage and population growth,” said Miller. “Echelon at Monterrey Village is well-positioned to take advantage of the expanding Westover Hills submarket where there is only one other property currently under construction.”

Built in 2018, Echelon at Monterrey Vista is located at 1639 Cable Ranch Road. One-, two- and three-bedroom units include stainless steel appliances, wood-style plank flooring, tile backsplash, washer/dryer and personal balconies/patios. Community amenities feature a swimming pool, clubhouse with Wi-Fi, multiple barbecue grilling stations and a pet park.

Situated in west San Antonio, the pet friendly community is found near a variety of important transit routes and employers. Raymond E. Stotzer Jr. Freeway and Interstate 410 are less than five minutes away, offering a 20-minute drive into Downtown San Antonio and convenient access throughout the metro area. Nearby employers including Lackland AFB and SeaWorld San Antonio are also nearby at approximately 10 minutes away from the property.

Berkadia announces it has arranged the sale and financing of Turtle Creek, a 128-unit Class A multifamily asset in St. Louis, Mo. Managing Director Ken Aston and Senior Director Andrea Kendrick of Berkadia’s St. Louis office arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group, LLC. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office secured $18.9 million in financing on behalf of the buyer, RM Communities.    

Berkadia originated and Freddie Mac purchased the 10-year, fixed rate Green Up loan with 5 years IO.

“The buyer was able to take advantage of favorable financing that complements their capital improvements program to renovate this new asset through an eco-conscious lens,” said Sinberg. “Recognizing propitious dynamics expected to take place throughout the metro area, the buyer’s Midwest investment also demonstrates a show of confidence in the multifamily market within Greater St. Louis.”

The buyer, RM Communities, is the direct-acquisition arm of RealtyMogul, one of the top online real estate investing platforms with 200,000+ investors across a $2.8 billion portfolio. "We have a firm conviction in the underlying fundamentals of this property and of the broader growth of the St. Louis metropolitan area. Our community of investors are excited to gain exposure to this market, and we plan to responsibly manage Turtle Creek for years to come," said Jilliene Helman, RM Communities' CEO.

Built in 2018, Turtle Creek is located at 201 Turtle Drive. Two-bedroom units include granite countertops, an island kitchen, stainless steel appliances, hardwood floors, walk-in closets and washer/dryer. Community amenities feature a swimming pool, clubhouse, storage space grill and dog walking park.

Located in the St. Louis suburb of Fenton, the community is located along Highway 141, bringing residents within a 30-minute drive of Downtown St. Louis.

Berkadia announces it has arranged the sale and finance of Stewart Creek Apartments, a 414-unit garden-style community in the Dallas suburb of Frisco. Managing Directors Jay Gunn and Thomas Burns of Berkadia’s Dallas office, along with Senior Director Will Jarnagin of the same office, listed the property on behalf of Univesco, Inc., a real estate investment firm based in Plano. Managing Director Jason Rice and Senior Director Chris Pollard of Berkadia’s Dallas office arranged the financing on behalf of sponsor Madera Residential, a real estate investment firm based in Lubbock.

Varde Mortgage Capital originated the 3-year, floating rate loan at 80% LTC.

“Continued corporate relocations and positive in-migration are set to make the local apartment market mirror that of a rebounding labor market over the next four quarters,” said Gunn. “Additionally, we’re anticipating absorption to slightly exceed deliveries this year, making Dallas one of the most favorable markets for investors in the Sunbelt.”

Built in 1999, Stewart Creek is located at 7549 Stonebrook Parkway. One-, two- and three-bedroom units include quartz countertops, wood-style floors, vaulted ceilings, walk-in closets and private patio/balcony. Community amenities include a business center, clubhouse, package lockers, picnic area and bark park.

Situated north of Dallas, the community is found near multiple transit corridors that take residents directly to a variety of employment hubs and entertainment venues. Dallas North Tollway is five minutes away and Sam Rayburn Tollway is under 10 minutes away, offering residents direct access into Downtown Dallas and the greater metro area.

Berkadia has sourced a capital partner for Encore Chandler, a 208-unit, class-A, multifamily development in Downtown Chandler between Dallas-based Encore Multi-Family and a Real Estate Investment Trust. Berkadia’s JV Equity & Structured Capital team led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick brought the publicly traded REIT as the $10.25 million equity partner for the development, located in the southeast suburb of Phoenix in a Qualified Opportunity Zone.

“We are thrilled to continue working with such an experienced firm like Encore. Their ability to source a well-located infill site coupled with their successful multifamily development track record in the Phoenix market made this opportunity very attractive for a variety of equity partner,” said Kirkpatrick.

“As a dominant player in the multifamily sector, Encore is pleased to expand its relationship with Berkadia to include equity placement,” said Charlie Keels, President of Encore Multi-Family. “We have enjoyed working with Berkadia and continue to appreciate the power of their relationships as well as consistency and quality of their work.”

Beginning construction in Q1 2021, the new development is the first multifamily project in Chandler since 2016 and will be located at 100 S Nevada Street, near Highway 202. One- and two-bedroom units will include private balconies, high-end finishes and designer-inspired interiors. Community amenities will feature a resort-style swimming pool and club area, media and game room, business center and a two-story fitness center. The project is located within walking distance of a variety of restaurants, shopping and banks.

Berkadia announces it has arranged the sale of Citiscape at Essen, a 299-unit multifamily asset in Baton Rouge, Louisiana. Senior Managing Director Ryan Epstein of Berkadia’s Houston office along with Managing Director Gregg Cordaro of Berkadia’s Baton Rouge office, listed the property on behalf of the seller, Ojala Partners, LP. The Medve Group was the buyer.

“The diversifying market and low cost of living is expected to bring in new residents to Baton Rouge and provide upward pressure on effective rents as the labor market improves,” said Epstein. “Investments from Greentech Materials and Shell’s potential $1.2 billion funding in the region exemplify the continued interest and demand from new jobs these investments would bring, further putting Baton Rouge forward as a compelling multifamily market.”

Built in two phases in 2003 and 2019, Citiscape at Essen is located at 5010 Mancuso Lane, in the middle of the Baton Rouge Medical District. Studios, one-, two- and three-bedroom units include stainless steel appliances, faux wood flooring, granite countertops, washer/dryer and patio/balcony. Community amenities feature a state-of-the-art fitness center, barbecue grills, swimming pool, beverage station, poolside cabanas and Wi-Fi. Most of residents are related to the medical industry, which has allowed Citiscape to maintain a stabilized occupancy during the coronavirus pandemic.

Situated near various transit routes and employers, the community’s prime location in the Baton Rouge Medical District puts residents at a five-minute drive from Interstate 10 and Interstate 12. The community is within walking distance to the some of the major hospitals and about 15 minutes away from Louisiana State University. Additional employers less than 10 miles away including Lamar Advertising, ExxonMobil and Turner Industries.