Property Acquisitions and Dispositions
Berkadia announces it has arranged the sale and acquisition loan of Amber Lakes, a 278-unit garden style community in the Winter Park suburb of Orlando, Florida. Senior Managing Director Cole Whitaker and Director Mary Beale of Berkadia’s Orlando office represented the seller, West Springfield, Massachusetts-based Aspen Square Management. Managing Director Jason Rice of Berkadia’s Dallas office secured the loan on behalf of New York-based Ashcroft Capital.
SAN ANTONIO – JLL announced today that it has closed the sale of Towne Oaks, a 78-unit, value-add apartment community in the Richland Hills area of Waco, Texas.
HOUSTON – JLL announced today that it has closed the sale and arranged financing of Alexan Enclave, a 354-unit, Class A multi-housing community located in West Houston’s Energy Corridor.
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.05 million sale of an 8-unit apartment property located at 315 Cherry Avenue, in the prime Alamitos Beach neighborhood of Long Beach, CA.
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.9 million sale of 652 North Hayworth, a two-story, nine-unit apartment property in Los Angeles near the cross streets of Melrose and Fairfax Avenues.
National real estate private equity fund manager Citymark Capital, in partnership with InterCapital Group, has acquired a two-property, 554-unit Evergreen apartment portfolio in the Atlanta suburb of Fairburn, GA for $69.4 million. The acquisition of the Evergreen portfolio represents Citymark’s 12thtransaction since its inception in 2015, bringing total units acquired to 3,345 and approximately $513 million of gross asset value.
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $3.3 million deconversion sale of 2151 Ridge Ave., a three-story multifamily building near Northwestern University in Evanston, Ill.
Berkadia announces it has arranged the sale of 72 West, a 291-unit, Class B multifamily community located in Tamarac, Florida. Managing Directors Roberto Pesant and Jaret Turkell of Berkadia’s Miami office, and Director Yoav Yuhjtman of Berkadia’s Boca Raton office, arranged the sale on behalf a New York-based investment group. A Canadian investment group acquired the property for $47 million.
“The seller bought this property as a fractured condo (222 out of 291 units) in 2016 for $22 million, and has since fully executed its strategy to buy back the privately owned units, collapse the HOA, and stabilize and rebrand the property as 72 West,” said Yuhjtman. “With occupancy at 95.5 percent in this submarket and no new deliveries in the immediate area this year, the new owner has an opportunity to capture some upside from growing demand for high-quality apartment rentals in western Broward County.”
