Property Acquisitions and Dispositions
Kiser Group’s Partner Noah Birk and Senior Director Aaron Sklar have closed the sale of 398 units and 12 buildings for $27 million throughout Chicago’s south side neighborhoods so far this year. The team focuses their brokerage efforts in south side neighborhoods such as such as South Shore, Woodlawn, Chatham and Auburn Gresham.
“We are seeing the demand for south side buildings outpace the supply, which has really driven the prices on these assets higher,” said Birk. “This competitive buying environment has yielded some eye-popping results.”
“Despite the onslaught of COVID-19 concerns at the end of the first quarter, buyer interest remains at elevated levels,” said Sklar. “We have numerous deals in escrow, we put several more under contract during the last few weeks of March, and we’ve listed new buildings that we’ll bring to market in April. We’re optimistic the second quarter of 2020 will be even stronger than the first.”
Citrus Heights, Calif. (April 3, 2020) – Berkadia announces it has arranged $14.6 million in refinancing for Sierra Ridge Apartments, a 148-unit multifamily community in Citrus Heights, California, northeast of the state capital Sacramento. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the refinancing on behalf of Bollibokka Land Company, a family office based in Mill Valley, California.
Altamonte Springs, Fla. (April 3, 2020) – Berkadia announces it has secured $21.864 million in refinancing for The Edge at Lake Lotus, a 168-unit community in Altamonte Springs, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office secured the refinancing on behalf of Insula Companies, a real estate and management firm based in Sarasota, Florida.
Port St. Lucie, Fla. (April 3, 2020) – Berkadia announces it has secured the $24.536 million refinancing of a construction take-out loan for Torino Lakes Townhomes, a Class A multifamily community in Port St. Lucie, Florida. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins arranged the refinancing on behalf of Rich Properties, a real estate investment, management and development firm based in Port St. Lucie.
MORRISTOWN, N.J. – JLL Capital Markets announced today that it has arranged $41 million in acquisition financing for BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.
Universe Holdings has acquired Serena Vista, a 110-unit apartment community in the prime San Diego submarket of La Mesa for $34.45 million.
CHICAGO – JLL Capital Markets announced today that it has closed the sale of One Santa Fe, a 438-unit, mixed-use, core-plus apartment community located in the Arts District of Los Angeles.
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a three-building, 37-unit multifamily portfolio in Chicago’s Marquette Park neighborhood for $2.02 million. The sale price equates to $55,000 per unit, one of the highest amounts paid on a per-unit basis in the Marquette Park submarket over the past five years, according to CoStar data.
Berkadia announced today the sale and financing of Promenade Park Avenue, a 105-unit, garden-style multifamily property in Orange Park, Florida. Senior Managing Director Cole Whitaker of Berkadia’s Orlando office and Director Greg Rainey of Berkadia’s Jacksonville office led the $10.55 million sale on behalf of the seller, New York-based Quad Property Group. The seller acquired the property for $6.74 million in December 2017.
