Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.

Berkadia announces it has arranged the acquisition financing for The Reserve at Brandon, a 982-unit apartment community located in Brandon, Florida, outside of Tampa. Managing Directors Brad Williamson, Matt Robbins and Scott Wadler, Senior Managing Director Mitch Sinberg and Vice President Alan Dillman of Berkadia Miami secured a loan on behalf of ZMR Capital, a real estate investment firm based in Tampa. The property was 94 percent occupied at the time of sale.

MF1 provided a five-year, floating-rate loan bridge loan.

ZMR currently owns over $1.5 billion in assets and 7,000 units across the U.S. In addition to this, ZMR has five more deals under contract in Orlando, Tampa, and Fort Myers. It is targeting $2 billion in acquisitions in 2022.

“The Tampa market has enjoyed record-breaking growth and excellent multifamily fundamentals in the wake of the COVID-19 pandemic,” said Williamson. “Based on ZMR Capital’s strong track record and equity partnership, we were able to secure attractive financing terms with lender MF1.”

“We are incredibly excited to increase our footprint in the Tampa MSA,” added Zamir Kazi, CEO of ZMR Capital. “It’s a backyard deal for us and we can’t wait to see the transformation at this property, and the Berkadia team was a pleasure to work with as always.”

Built between 1991 and 2002, The Reserve at Brandon is located at 1918 Plantation Key Circle and offers one-, two- and three-bedroom units ranging from 705 square feet to 1,200 square feet. Individual units feature stainless steel appliances, faux granite countertops, designer tiled kitchens, two-tone interiors, a breakfast bar, designer faucets and ceiling fans, wood-style vinyl flooring in the living room, dining room and kitchen, walk-in closets and patios or balconies. Community amenities include a clubhouse, state-of-the-art fitness center, three sparkling pools with cabanas, a playground, tropical landscaping, a business center with high-speed internet, a coffee bar, tennis court, on-site management and 24-hour emergency management.

Situated in Brandon, the Reserve at Brandon is close to the I-75, Brandon Boulevard, the Providence Square Shopping Center, Brandon Crossroads, the McKay Bay Nature Park and it is 30 minutes away from Tampa International Airport.

Real estate investment firm ZMR Capital (“ZMR”) continues to build its Dallas multifamily portfolio following the acquisition of Chimney Hill, a 240-unit gated community in the North Dallas submarket of Richardson.

Since entering the Dallas market in 2019, ZMR (formerly Berkshire Property Holdings) has increased its local multifamily holdings to approximately 1,100 units.  In September 2020, the firm acquired a two-property, 568-unit portfolio in Richardson for $56.8 million. 

“One of our primary investment goals is to significantly increase the size of our portfolio in Dallas over the next 24 months, so we can take advantage of economies of scale to create value for our residents and investors,” said ZMR CEO and Co-founder Zamir Kazi.  

Located at 9637 Forest Lane, Chimney Hill features a mix of one-, two- and three-bedroom floorplans housed in 11 two-story residential buildings.   ZMR plans to improve upon the seller’s in-place interior renovation program with the addition of new appliances including the installation of in-unit washer and dryer, tile backsplash, vinyl plank flooring, fixtures and new cabinet fronts.  The firm will also make accretive improvements to the community exteriors and common areas which include swimming pool and lounge area, dog park, picnic and grill stations, cyber café and fitness studio. 

Given the well-documented strong in-migration to Dallas/Fort Worth, the rental market has remained relatively strong throughout the pandemic particularly in the northern suburbs where more than 20,000 apartment units have been delivered to keep up with demand.  Of them, only 398 were in Richardson, according to a report by Marcus & Millichap. 

“With no new product planned for the next 12 months, the demand/supply imbalance in the Richardson submarket should continue for some time.   This bodes well for continued occupancy growth where the five-year average is already at nearly 94%, said Kazi. 

ZMR leveraged the acquisition with three-year financing from a non-bank real estate lender which was arranged by Brian Eisendrath, vice chairman and managing director of CBRE Capital Markets