Berkadia announces it has secured $11.4 million in preferred equity for the acquisition of The Reserve at Palmer Ranch, a 320-unit apartment community located in Sarasota, Fla. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia Joint Venture Equity & Structured Capital sourced the equity investment from a publicly traded REIT on behalf of Strategic Diversified Real Estate Holdings, a vertically integrated real estate platform based out of Westlake Village, California.

This transaction is part of a programmatic venture of nine assets totaling 1,925 units in Strategic Holdings’ portfolio. Since May 2020, Berkadia has secured a total of $38.45 million in preferred equity for the $290 million, nine-property portfolio. All the assets are located in Florida and Georgia. 

“Our team is excited to assist Strategic Holdings as they grow their platform,” said Kirkpatrick. “We are always trying to partner up the most competitive sources of capital with best in class owners and know this programmatic relationship between the two parties will be a long term relationship that will benefit both sides well into the future.”

“Strategic Holdings is excited to own The Reserve at Palmer Ranch and we have loved working with Berkadia’s JV Equity & Structured Capital Group,” said Brian Alonge, CFO of Strategic Holdings. “They let our team focus on what we do best and Berkadia handles the rest of the capital markets equation.”

The nine properties in the programmatic recapitalization include:

·         The Reserve at Palmer Ranch, a 320-unit community located at 4110 Winners Cir in Sarasota.

·         Water’s Edge, a 184-unit community located at 2220 Gloria Cir in Pensacola, Florida.

·         Hunters Pointe, a 204-unit community located at 7591 US 98 in Pensacola.

·         Belmont Crossing, a 192-unit community located at 1940 Atlanta Rd SE in Smyrna, Georgia.

·         Georgetown Crossing, a 168-unit community located at 1015 King George BLVD in Savannah, Georgia.

·         Sierra Terrace, a 135-unit community located at 3547 Buford Hwy NE in Atlanta.

·         Sierra Village, a 154-unit community located at 2615 Oak Shadow Ln NE in Atlanta.

·         The Commons Apartments, a 328-unit community located at 1721 Anniston Rd in Jacksonville, Florida.

·         Park on the Square, a 240-unit community located at 9009 University Pkwy in Pensacola.